Addison Transit Pass Partial Taking "-'X'--_ 'J T..-Departmen1 of Transportation Form D-1S-2-Rl:Y. 1UI4 REAL ESTATE APPRAISAL REPORT STATE DEPARTMENT OF HIGHWAYS AND PUBLIC TRANSPORTATION
Parcel Number Exxon Project Number Address of Property 4191 Beltline Rd, Addison,Tx Whole Taking Property Owner Addison Beltway JV One Highway 􀀭􀀭􀀬􀁎􀀬􀀢􀀢􀀯􀀬􀀬􀀬􀀬􀀢􀁁􀁾 _ Address
County 􀀮􀀽􀀺􀁄􀁾􀁡􀁾􀁬􀁬􀁾􀁡􀁳􀁾 _ Occupant's Name Gas Station/Convenience Store Between Stations Purpo..se of the Appraisal The purpose of this appraisal is to estimate the market
value of the fee simple title to the real property to be acquired, encumbered by any easements not to be extinguished, less oil, gas and sulphur. If this acquIsition is of less than
the entire property, any special benefits and damages to the remainder property must be included in accordance with the laws of Texas. Market Value may be defined as follows: "Market
Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no necessity of buying
it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable
future." Certificate of Appraiser I hereby certify: That it is my opinion the total compensation for the acquisition of the herein described property is $ 85,637 as of 10-05-98 based
upon my independent appraisal and the exercise of my professional judgment; That on 10-05-98 (date)(s), I personally inspected in the field the property herein appraised; that I afforded
through condemnor's attorney , the property owner or his representative, the opportunity to accompany me at the time of the inspection; The comparables relied upon in making said appraisal
were as represented by the photographs contained in the appraisal supplement and were inspected on 10-05-98 & others (date)(s); That to the best of my knowledge and belief the statements
contained in the appraisal hereinabove set forth are true, and the information upon which the opinions expressed therein are based is correct, subject to the limiting conditions therein
set forth; That I understand that such appraisal is to be used in connection with the acquisition of right-of-way for a highway to be constructed by the State of Texas with the assistance
of Federal-Aid highway funds or other Federal funds, and that such appraisal has been made in conformity with the appropriate State laws, regulations, and policies and procedures applicable
to appraisal of right-of-way for such purposes, and that to the best of my knowledge no portion of the value assigned to such property consists of items which are noncompensable under
the established law of said State, and any decrease or increase in the fair market value of subject real property prior to the date of valuation caused by the public improvement for
which such property is to be acquired, or by the likelihood that the property would be acquired for such such improvement, other than that due to physical deterioration within the reasonable
control of the owner, has been disregarded in determining the compensation for the property; That neither my employment nor my compensation for making this appraisal and report are in
any way contingent upon the values reported herein; That I have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition
of such property appraised; and that should lor any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the State, I
will immediately notify the State of such interest or interests; That I have not revealed and will not reveal the findings and results of such appraisal to anyone other than the proper
officials of the State Department of Highways and Public Transportation of said State or officials of the Federal Highway Administration until authorized by State officials to do so,
or until I I am required to do so by due process of law, or until I am released from this Obligation by having publicly testified as to such findings. October 7, 1998 Date District Field
Reviewer 1 Signature Mark A. Hipes
Attach All Pertinent Photographs Local Address 4191 Beltline Road, Addison, Tx. Taken by Mark A. Hipes Parcel No. 􀀽􀁅􀀢􀀭􀀬􀁸􀁸􀁾􀁯􀀢􀀬􀀬􀁮􀀬􀀬􀀭􀀭􀀭􀀭 _ Date Taken 􀀢􀀢􀀱􀁏􀁾􀀭􀀭􀀬􀀬􀀬􀁏􀀮􀀺􀀺􀀺􀀮�
�􀀵􀀭􀀮􀀮􀀺􀀺􀀮􀀹􀁾􀀸 _ 1. Point from which taken SE across intersection from subject Looking NW toward subject 2. Point from which taken NWC of the subject Looking SE at fuel lanes
2
Attach All Pertinent Photographs Local Address 4191 Beltline Road, Addison, Th. Taken by Mark A. Hipes Parcel No. ""E""xx""o"-'n"'--_ Date Taken "'-10:::,.-.,::::0::::.5-....:::9..::::8
_ 3. Point from which taken North side of Take Looking South along the Take 4. Point from which taken Mid-east side of subject Looking South along the Take 2-i
Attach All Pertinent Photographs Parcel No, Exxon Local Address 􀀮􀀮􀀮􀀺􀀮􀀮􀀴􀁾􀀱􀀹􀀺􀀻􀀮􀀮􀀺􀀱􀁾􀁂􀀮􀀺􀀺􀀮􀁥􀁯􀀮􀀮􀀺􀀻􀁬􀁴􀀮􀀺􀀮􀀺􀀮􀁬􀁩􀀮􀀺􀀮􀀺􀀮􀁮􀁥􀀽􀀭􀀽􀀭􀁒􀀮􀀺􀀮􀀺􀀮􀁯􀀢􀀢􀀬􀁡􀀢􀀢􀁤􀀻􀁌􀀧=..cA
o=::d""d.:;:is""o.:..:n.L.'-"'Tx""','--_ Date Taken 10-05-98 Taken by :..:M.:..:a:.:..r.:.:.k-"'A.:...:􀀮􀀮􀀮􀀮􀀻􀀺􀀻􀁈􀁾􀁩􀀫􀁰􀀻􀁥􀁳􀀢􀀭􀀭 _ 5. Point from which taken Mid-east side
of the subject Looking North along the Take 6. Point from which taken Near the SErc of the subject Looking Northeast along the Take 2-ii
Attach All Pertinent Photographs Parcel No. Exxon Local Address 4191 Beltline Road, Addison, Tx. Date Taken 10-05-98 Taken by 􀀢􀀭􀀬􀁍􀁾􀁡􀀺􀀮􀀮􀀺􀀮􀁲􀀻􀀮􀀺􀀮􀁫􀀮􀀮􀀮􀀺􀀮􀁁􀀮􀀮􀀺􀀺􀀺􀀮􀀮􀀮􀀮􀀺􀁈􀁾􀁩�
�􀀬􀀭􀀬􀀽􀁥􀀬􀀬􀀬􀀭􀁳 _ 7. Point from which taken South-central side of the subject Looking West along the Take 8. Point from which taken SW/c of the subject Looking East along the Take
2-iii
Sketch of Whole Property With Dimensions Show Orientation, ROW Line, and Part Taken on:: o N89-58'14"E SET CUT "X" IN CONC. R 0 A D SCJU If F'EET 􀁾o 20 40 10 10 EXHIBIT "B" E ISTING
Right-of-Way 224.52' LOT 1􀁾SET CUT "X" NS9-58'14"E 􀁉􀁾 CONC. 114.75' _-...... -... -0 __ .. --'9' _.......... -0 ---_--.----------.. LOT 2 LEGEND LOT 3 • • BEL T "L IN E " iW. H. WITT
SURVEY ABST. NO. '1609 GOFF ADDN. Vol. 80005, Pg. 3044 NOS· 5S'00"E DRDeT 39.99' 􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁁􀀶􀁛􀀩􀁪􀁓􀀨􀀩􀁎􀁬􀀭􀁂􀁅􀁌􀀭􀁩􀁶􀁶􀀩􀁜􀁹􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀁾 JOINT
VEN:fURE ONE 􀁄􀁅􀁾􀁄 􀁓􀀸􀁃􀁾􀀧􀁾 Vol. 840054, Pg. 6871 IN CONC. 3,720 S.F. 􀁾;;., oG:l o•oo (I) en 􀁾 " co -co . CURVE TABLE CURVE CENTRAL ARC RADIUS CHORD CHORD NO. ANGLE LENGTH BEARING
LENGTH C-1 89· 29'19" 103.86' 66.50' N45· 13'33"E 93.62' C-2 10-46'29" 18B.9B' 1004.93' S04-52'46"W 188.70' 􀀬􀁲􀀢􀀺􀁾􀁜 50+00 51+00 " . \ A PLAT OF A SURVEY OF A 3720 SF 􀀢􀁾􀀮􀀮 •.•••.
.••. ; (0.0850 AC.) TRACT OF LAND . 􀁾􀀮 . ,.." 1 .-... ".. IN THE W.H. WJTT SURVEY '. 􀀮􀀮􀁾 . _ 􀀬􀁾􀀮􀀮􀀧 ABSTRACT NUMBER 1609 a.._;.t.􀀺􀀢t􀁩􀀯􀀭􀀮􀁾 􀁇􀁾􀁆 ADDITION -LOTS 1. 2 and
3 􀁾􀁄􀁉􀁓􀁏􀁎􀀬 DALLAS COUNTY, TEXAS ---------------.. 3
Data on Whole Property Legal Description: Part of Lots 1, 2, & 3 of Goff Addition, Addison, Dallas County, Texas. (Wo H. Witt SUlVey, Abstract No. 1609) Dimensions: Irregular feet x
feet = 25,600.39 Location (Urban): Street & No. 4191 Beltline Road, Addison, Texas sq.ft. acres (Rural): _ _______ Land Grant SUlVey _ Neighborhood or Area Analysis: See following pages
labeled "Neighborhood Analysis" Highest and Best Use, Zoning and Site Analysis of Subject Property: See following pages labeled "Site Analysis", "Zoning" & "Highest and Best Use". Cost
Approach Whole Property $135,817 $----$----$._---$---$---$,----$._--$,----$----______ ft.@$, per ftoo. Less Depreciation ______ ft.@$. per ft. .. Less Depreciation ______ ft. @$ per
_ Less Depreciation Estimated Reproduction Cost: Main Building: 1,081 sq. ft. @$139.60 per sq. ft. $150,908 Porches: N/A ft. @$ per ft. $ _ Total Reproduction Cost .. 0 • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• $150,908 Less Accrued Depreciation 10% 0 • • • • • • • • • • • • • • • • • • • • • • • • • • • • •• $ 15,091 Value Building
Contributes to Whole Property 0 ••••• Other: l.See page 4-x 2. _ 3. _ Landscaping $ See pg. 4-x ; Fencing $See pg. 4-x ; Walks & Drives $See pg. 4-x $347,079 Value Improvements Contribute
to Whole Property 0 • • • • • • • • • $482,896 Land 0 •• 􀀤􀀮􀀺􀀺􀀺􀀮􀀮􀀺􀀱􀀸􀁾􀀮􀀵􀁾􀀰􀁾 per 􀁾􀁓􀁆􀁾 ----,x 25,600.39 SF= $473,607 Estimated Value by Cost Approach $956,503 Furnish
Comments on Oepreciation Factors: See pgs. 4-ix and 4-x See page 4-x for a cost breakdown of site improvements. 4
NEIGHBORHOOD ANALYSIS The subject neighborhood can best be defined by area thoroughfares and geographic boundaries. The neighborhood is considered that area within the boundaries of
Quorum Drive to the east, Spring Valley to the south, Trinity Mills to the north, and Marsh Lane to the east. Location The subject neighborhood is located within the Town of Addison
in northern Dallas County. Portions of the cities of Dallas, Carrollton, and Farmers Branch are located within this neighborhood. The subject neighborhood encompasses significant commercial
development. The area of the subject neighborhood is predominantly built up with a compatible mixture of commercial and residential uses. Thoroughfares and Access Interstate Highway
635 and the Dallas North Tollway provide the predominant access to the subject neighborhood. These highways are presently eight lane and six lane concrete thoroughfares respectively.
Interstate 635 provides outer loop freeway access throughout the Dallas metropolitan area. The Dallas North Tollway provides thoroughfare access from the downtown region of Dallas to
SH 121 in Collin County. Primary north-south access within the subject neighborhood is provided by Quorum Drive, Addison Road, Midway Road, Marsh Lane and Josey Lane. Primary east-west
access is provided by Spring Valley Road, Beltline Road, Keller Springs, and Trinity Mills Road. In addition, there is in place a good quality infrastructure of secondary and collector
streets which provide interior access within the neighborhood. All of the above mentioned thoroughfares are important in relation to the subject neighborhood as these roads provide access
throughout the area. The interior streets are generally either two-lane asphalt or concrete paved roads with concrete curbs and gutters. The primary thoroughfares are typically divided
concrete roads with concrete curbing and gutters. General neighborhood access and thoroughfares are considered adequate. Due to some of the areas heavy traffic volumes, some of the thoroughfares
are nearer to full capacity use during the peak traffic times. Interstate Highway 35E is located to the west as it passes through the Cities of Dallas and Carrollton. This major highway
provides access to the cities to the north and south of the subject neighborhood. Surroundingsffrends in Development The subject neighborhood is approximately 85% developed and is comprised
of a mixture of office, retail, commercial, and industrial uses, with both single family residential and multi-family developments interspersed throughout. Entertainment and regional
shopping developments are located in close proximity of the subject neighborhood. Addison Airport is situated in the east-central portion of this area. New office and multi-family developments
are proximate to, or located within, this area. The Town of Addison is currently in the process of expanding it's events center adjacent to the east side of the Addison Airport. Social
Considerations The subject'S immediate neighborhood is predominantly retail, office, and entertainment oriented in nature. 4-i
Commercial development is more concentrated along the primary access routes within the immediate neighborhood. Interior streets along the smaller collector streets tend toward residential
development and high-tech and industrial uses, where appropriate. While there is moderate space for future development, the current strong demand for major commercial development is
depleting this supply. This area benefits from its proximity to the confluence of the Dallas North Tollway and IH-635. Economic Considerations The most prominent economic base for the
subject area is associated with the office, retail, and commercial base of the Cities of Addison, Carrollton, and Farmers Branch which provides employment and services for most of the
north-central Dallas County area. North of Trinity Mills Road in, Collin and Denton County, there remains a higher percentage of vacant land for expanding development. The subject neighborhood
appears to be growing; however, large growth is expected to be somewhat limited due to the dwindling supply of land available for that development. Governmental Considerations The subject
neighborhood is located primarily in the Town of Addison. All utilities are conveniently located and available in adequate quantities to maintain and support full development in the
area. The area is in the Farmers Branch/Carrollton Independent School District. Environmental Considerations The subject neighborhood combined with the surrounding area provides a balanced
land use pattern. The terrain is flat to rolling and generally lends itself to most types of development. No significant flood plain areas are felt to have a significant impact on development.
No other adverse environmental conditions were noted in the subject area. Conclusion The subject neighborhood is located in the central portion of the Town of Addison, on one of the
most traveled streets, Beltline Road, in the area. The area is considered to have adequate access and amenities, given its commercial nature. This neighborhood is considered to be growing
with predominant land uses of a commercial nature and limited amounts of vacant land available for development. No major land use change is predicted in the near future within the subject
area.4-ii
Size: Shape: Access: Topography: Public Utilities: Easements/Dccd RcstricLions: Environmental Hazards Soil/Subsoil SITE ANALYSIS The whole property contains approximately 25,600.39 SF
of land according to information provided by the Town. The subject site is near rectangular in shape with approximately 168' of frontage along the west side of Midway Road and approximately
160' of frontage along the north side of Beltline Road. This site is the corner portion of a shopping center site situated at the northwest corner of Beltline Road and Midway Road. Note:
The acquisition area extends beyond the platted service station portion of the site to include land area properly situated on the shopping center portion of the property. This will affect
the land area estimates of the Remainder. The subject property has road access frontage from Midway Road by way of a ±25' drive entrance at the northeast corner of the sUbject site and
road access frontage from Beltline Road by way of a 24' joint drive entrance at the southwest corner of the subject site. Note: This BeltUne Road drive entrance will be expanded to a
40' wide joint drive entrance at the completion of the project. The subject site is approximately at grade with both Midway Road and Beltline Road, but above the existing grade of the
west adjacent portion of the shopping center of which it is a portion. The site is basically level across the majority of its surface, but slopes down to the west to meet the lower site
grade of the adjacent developed shopping center. All normal public utilities are in place and of adequate supply to support the improvements on the subject site. None noted in documents
provided to the appraiser. Typical utility and access easements presumed in support of the site. The SUbject is a convenience store with gasoline sales. The subject has 4 underground
fuel storage tanks. The condition of these tanks is unknown, however no environmental problems were reported by the owner. No onsite environmental hazards were observed by the appraiser.
No No land use history or environmental assessment of the subject site or surrounding area was made or provided the appraiser. The appraiser is not qualified to detect potential environmental
hazards and a professional in this field should be retained for this purpose. The estimated value derived herein is subject to any type of environmental conditions that may arise that
would have an affect on the value of the subjcct in the opinion of the appraiser. No investigation was made or provided the appraiser concerning the soil conditions on the subject property.
It is assumed that the soil and sub-soil .are suitable for development purposes. Development has occurred within the subject area on similar sites with similar soil conditions. 4-iii
Surrounding Development Special Conditions Development surrounding the subject property includes retail, restaurant, and service station uses. Various forms of commercial development
are adjacent to these uses. The immediate environs surrounding to the subject site to a considerable depth are considered to be commercial in nature. As previously noted, the subject
improvements were reconstructed approximately two years ago. At the time of reconstruction, certain alterations were required by the Town of Addison so that the reconstructed property
would be largely in compliance with the proposed right-of-way acquisition which is the sUbject of this report. Two drive entrances proximate to the existing corner of Beltline Road and
Midway Road were closed. The improvements within these drive entrances (concrete paving & curbing) will require consideration under the category of "improvements in the Take" section
of this report. ZONING The subject property is zoned "PD84-035, SU-2", for commercial use under the Zoning Ordinance of the Town of Addison. This zoning allows for the current use of
the subject site as an Exxon "Tiger Mart" with gasoline sales. 4-iv
HIGHEST AND BEST USE The Highest and Best Use, as defined by Real Estate Appraisal Terminology, Ballinger Publishing Company, Cambridge, Massachusetts (author Bryl D. Boyce, PHD.), Page
107, is as follows: "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from
among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in highest land value. The definition
immediately above applies specifically to the highest and best use of the land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best
use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until the land value in its highest and best use exceeds the
total value of the property in its existing use." In applying the above definition of "Highest and Best Use" to the Subject property, an analysis of physical, social and economic trends
within the neighborhood was made. In addition to this analysis, the legal parameters associated with zoning ordinances, restrictions and building codes must be considered. The physical,
social and economic trends within the Subject area will be discussed in the "Neighborhood and Trends" section of this report. In summary, the subject is located at the northwest corner
of Midway Road and Beltline Road, in an area comprised of predominantly commercial land uses. These land use trends are not predicted to change in the near future. Physically Possible
Physically, the subject is a fairly small parcel of land which appears to be a portion of a commercially improved shopping center site. There is a slight slope to the west into the shopping
center. The basic site is characterized generally level surface. Access is adequate from Midway Road at the northeast corner of the site, and is adequate from Beltline Road at the southwest
corner of the site. As mentioned, the subject site is a portion of a surrounding shopping center development. While somewhat small for a typical "free standing" mini-mart service station
by current standards, the additional available traffic circulation provided by the adjacent shopping center drive areas mitigates the apparent size deficiency which might be considered
with this site. Legally Permissible The subject is zoned for commercial use under the Town of Addison. Based on land use trends in the area, the present zoning classification is felt
appropriate. Commercial uses predominate in the neighborhood. Given the subject's location at the intersection of these 4-v
thoroughfares, a commercial zoning is felt appropriate. Fmancially Feasible/Maximally Productive In determining what uses would be financially feasible and maximally productive, economic
factors must be considered. The whole of the subject site is developed with a convenience store/gas sales store. Since area competition for smaller retail/commercial uses is strong,
the site would be considered appropriate for some type of retail/commercial use. Conclusion Based on the above factors, the estimated Highest and Best Use of the subject is for commercial/retail
use given its present zoning. The estimated Highest and Best Use of the portion of the subject that is improved with a convenience store/gas sales is its continued use as improved. 4-vi
COST APPROACH-WHOLE PROPERTY MINI MART CONVENIENCE STORE Marshall Valuation Service provides direct cost for Class "S" PreFabricated Food Booths" from Section 64, Page 1 as exhibited
below: The subject is felt to be in the "Excellent Cost" range. Direct Costs Excellent Good Average Low Cost Estimated Building Cost, Say Adjusted by Time Multiplier (1.06) Adjusted
by Local Multiplier (.86) Indirect Costs: Fees, Misc. 10% $11.54 Entrepreneurial Profit (10%) $12.69 Total Estimated Direct Cost, Say Cost Per SF $126.56 $110.87 $ N/A $97.21 $126.56
$134.15 $115.37 $126.91 $139.60 $139.60 The above cost do not include landscaping, walks, drives, gas pumps, tanks, canopies or other site improvements. The costs do include coolers,
walk-in coolers, freezers and typical built-ins commensurate with the quality of the Food-Booth. Displays, counters, kitchen equipment and all other interior equipment are considered
personal property and are not included in the cost figures above or in the valuation estimate. Of particular particular note, the value of the IIgoing concernll or business value is
not included in the valuation process. DEPRECIATION FACfOR The main building improvement located on the subject site is approximately 2 years old as reported by the owner. Some of the
existing site improvements were used in conjunction with the reconstruction of the site. Improvements suffer from normal physical deterioration. The economic age-life method of calculating
depreciation will be utilized to estimate an applicable depreciation factor. This method is calculated by dividing the effective age of the improvements by their total economic life.
The total economic life of buildings such as the subject was estimated at approximately 40 years according to Marshall's Life Expectancy Guidelines (Sec. 97, pg. 6). The effective age
of the subject improvements was estimated at 4 years. Therefore, total depreciation was estimated as follows: 4 + 40 = .10, say 10% Depreciation estimates for the site improvements are
shown on the following page. 4-vii
SITE IMPROVEMENT COST BREAKDOWN 4191 BELTLINE ROAD, ADDISON, TEXAS SIZE/UNIT TOTAL DEPREC. *** ITEM QUANITY COST COST % DEPREC. DEPREC. COST SOURCE 1) CANOPY (TOTAL SF AREA) 3,570 $24.00
$85,680 20.00% $17,136 $68,544 Sec. 64, Pg. 2 2) FUEL TANKS (10000 gal. 2 $19,500.00 $39,000 40.00% $15,600 $23,400 Sec. 61, Pg. 5 8 3) FUEL TANKS (8000 gal.) 2 $17,000.00 $34,000 40.00%
$13,600 $20,400 Sec. 61, Pg. 5 4) MP DISPENSERS (6 hose) 6 $14,000.00 $84,000 20.00% $16,800 $67,200 Sec. 64, Pg. 3 􀁾 5) YARD LIGHTS 6 $1,500.00 $9,000 20.00% $1,800 $7,200 Sec. 64,
Pg. 3 􀁾 􀁾 6) INTERNAL CURBING (Est. 350 $8.00 $2,800 10.00% $280 $2,520 Sec. 64, Pg. 3 <I : 7) AIR/WATER W/COMPRESSOR 1 $2,000.00 $2,000 60.00% $1,200 $800 Sec. 64, Pg. 3 "'d _. 􀁾
_. 8) PIPING (fuel/air/water 1 $35,000.00 $35,000 10.00% $3,500 $31,500 Sec. 64, Pg. 3 9) PUMPS 4 $1,200.00 $4,800 40.00% $1,920 $2,880 Sec. 64, Pg. 3 􀁾 10) SMALL SIGN 2 $1,400.00 $2,800
10.00% $280 $2,520 Sec. 64, Pg. 3 @11) LARGE SIGN 1 $12,000.00 $12,000 10.00% $1,200 $10,800 Sec. 64, Pg. 3 12) ELEC. TOTALIZER (Per 36 $1,200.00 $43,200 20.00% $8,640 $34,560 Sec: 64,
Pg. 3 13) ISLANDS (SF) 336 $7.00 $2,352 20.00% $470 $1,882 Sec. 64, Pg. 3 14) LANDSCP/MASONRY WALL 3,840 $5.00 $19,200 10.00% $1,920 $17,280 Sec. 66, Pg. 7 15) TRASH ENCLOSURE 162 $8.00
$1,296 10.00% $130 $1,166 Sec. 66, Pg. 2 16) CONCRETE PAVING (SF) 20,500 $2.95 $60,475 10.00% $6,048 $54,427 Sec. 64, Pg. 3 **Total for all tanks/pumps/air *** Marshall's Valuation service
347079
Appraiser's Check List Parcel No. 􀁾􀁅􀁸􀁸􀀽􀁯􀀮􀀮􀀮􀀬􀁮􀁾 Local Address 4191 Beltline Road, Addison, TX Kind of Street 􀀮􀀺􀀺􀁃􀁯􀀽􀁮􀁾􀁣􀁲􀁯􀀮􀀺􀀺􀁥􀁾􀁴􀁥􀀺􀀺􀀺􀀮􀀭 _ Utilities, Water
yes , Electricity 􀁹􀁾􀁥􀁳􀀺􀁯􀀺􀀺􀀭 , Gas 􀁾􀁹􀁥􀀽􀁳__-" Sewer 􀁙􀀻􀀮􀀮􀀺􀀮􀁥􀁾􀁳􀁾__-" SeptiC 􀁾􀁮􀁯􀁾 _ Type of Building Mini-Mart No. of Units 􀀻􀀺􀀮􀀮􀀺􀁎􀀬􀀬􀀭􀀬􀀬􀀯􀁁􀁾 _ Type
and Quality of Construction Pre-fab metallbrick Age 2 yrs. 􀁃􀁯􀁮􀁤􀁩􀁴􀁩􀁯􀁮􀀮􀀮􀀮􀀮􀀺􀁇􀀽􀁯􀁯􀁾􀁤􀁾__ No. Each Unit: Rooms N/A ; 􀁂􀁥􀁤􀁲􀁯􀁯􀁭􀁳􀁾􀁎􀁾􀀯􀁾􀁁􀁾 -'; Baths-=2=--, Closets
N/A ; Water Heaters N/A Gals ;:...;N=/A-=--__, Interior: Type and Finish Walls Vinyl/metal Finished Floors---':T....,il""'e _ Sub-Floors Concrete slab Doors Alum. frame/metal-glass Windows
Alum. frame/plate glass Trim N/A 􀁣􀁡􀁢􀁩􀁮􀁥􀁴􀁳􀀭􀀭􀀧􀁎􀀧􀀢􀀢􀀯􀁾􀁁􀁾 _ Bath 􀁆􀁩􀁮􀁩􀁳􀁨􀁟􀁔􀁾􀁩􀁾􀁬􀁥􀁾􀀯􀁶􀀭􀀧􀀭􀀧􀁩􀁾􀁮􀀺􀀮􀁌􀁹􀁬􀁾 _ No. & Kind:-=2=---_ Plumbing 􀁆􀁩􀁸􀁴􀁵􀁲􀁥􀁳􀁟􀁔􀁹􀁾􀁰􀁾􀁩
􀁣􀀽􀁡􀁾􀁉 _ Electrical 􀁆􀁩􀁸􀁴􀁵􀁲􀁥􀁳􀁟􀁔􀁹􀁰􀁾􀀢􀀧􀀢􀁩􀁣􀁡􀀽􀁉 _ Type Wiring & No. 􀁏􀁵􀁴􀁬􀁥􀁴􀁳􀀮􀁟􀁔􀁹􀁰􀁾􀁾􀁩􀁣􀁡􀀽􀁉􀀭 _ Heating Central Cooling Central 􀁉􀁮􀁳􀁵􀁬􀁡􀁴􀁩􀁯􀁮􀀮􀀭􀀭􀀬􀁎􀀺􀀮􀀮�
�􀀺􀀮􀀯􀁾􀁁􀁾 _ Studs "X "O.C. Clg. Joists "X "O.C. Rafters "X "O.e. Roof Bracing--=S:..:t.;:.ee""l'--_ Type Roof and Condition flat metal, good est. Foundation Concrete slab Sills X.
_ Floor Joists "X'---O.e. Siding N/A 􀁐􀁯􀁲􀁣􀁨􀁥􀁳􀀮􀀭􀀭􀀧􀁎􀀧􀀢􀀢􀀯􀁾􀁁􀁾 _ Privacy 􀁁􀁲􀁲􀁡􀁮􀁧􀁥􀁭􀁥􀁮􀁴􀀭􀀭􀀧􀁎􀀧􀀢􀀢􀀯􀁴􀀬􀀮􀀽􀀮􀁁􀁾 _ Interior COndition.....:G=o;:;:.od=--_ Exterior
COndition....;G:;:;..o.;:.o:;:;..d=--_ Garage: Type and Construction & No. cars Outbuildings--'N'-'J/t,.=.A-=--_ Walks Concrete Drives Concrete Fences 􀀱􀀰􀀰􀀥􀀭􀀧􀁎􀀺􀀮􀀮􀀮􀀺􀀮􀀯􀁾􀁁􀀭􀀽􀀭􀀭
_ 50% _ Trees & Landscapin::>.g-'Ty:..u:p..:..::ica:::::.:..l _ Miscellaneous Self serve gas equip. Physical Depreciation Factors, General Condition of Improvements & Additional Remarks:
See pages 4-x for depreciation estimates. The Mini-Mart has coolers and fixtures which are considered personal property. Freezer and cooler costs are included in the overall cost of
the building. 5
Sketch of Improvements W"I th Dimensions ,." 46' --T---CONe WALK 1100 SF. 23.5x46 TIGER MART ,, 25' :BUILDiNG lINl 􀀭􀁌􀁔􀀭􀁾 • ,tCCESS ESIoI'T, 􀁾􀁙􀁏􀁌􀀷􀀹􀀱􀀰􀀧􀀢 􀁉􀀧􀁾 PC. 1082
: 15.72' '; 􀀽􀁝􀁴􀀮􀀽􀀭􀀮􀀮􀀮􀀮􀀺􀀮􀁟􀀭􀀭􀀮􀀮􀀮􀀮􀀺􀀮􀁦􀀭􀀺􀀺􀁀􀀺􀀺􀀳􀀭􀀭􀁔􀁜􀀺􀀺􀀻􀀻􀀭􀁋􀀭􀁾􀀭􀀱 .,􀁩􀁾. 12.50' ..""'. ".. ··· ·"·"""" ":: I+IS ":: I I !\ I 􀀭􀁾 I " . [!-I-m -&8-\@):'--'<---:--/-i
Ij􀁀􀁾􀀰􀀧􀀢 , IIIII 􀁾􀁉II II iI 6
Market Data Approach Whole Property -Land Only Purchase Price of Subject Property 􀀤􀀮􀀮􀀮􀀮􀀺􀁎􀁣􀀮􀀻􀀮􀁯􀀺􀀺􀀮􀀮􀁴􀁾􀁋􀁮􀀽􀀽􀁯􀁷􀀢􀀢􀀭􀀽􀁮 Date N/A Improvements Since Purchase and
Estimated Cost: None known Lease Terms or Rental Agreement: Twenty year graduated lease Representative Comparable Sales Sale Parties (Details on 2S) Relative Location Yorkland to System
3/4 mi. W 2-98 55,626 SF Tippin to CNL 4 mi. NW 10-97 60,984 SF SEC to Exxon 1 mi. W 2-96 68,354 SF In Adjusting Sale Indicate Subject is * Compared To Sale For: Sale Price/SF: $13.48/SF
$16.40/SF $18.65/SF Time 10/98 +5% +10% +20% Location +20% +10% -5% Size -10% -10% -10% Access -0-·0--0-Exposure -0--0--0-Zoning -0--0--0-Utilities -0--0--0-Topography -0--0--0-Indicates
$15.57/SF $18.04/SF $19.02 Explanation of Adjustments with Reconciliation See following pages *Positive adjustments indicate subject is superior to sale. Negative adjustments indicate
sUbject is inferior to sale. SEE FOLLOWING PAGE FOR EXPLANATION OF ADJUSTMENTS Indicated Unit Value: Indicated Site Value: Use Reverse Side or Additional Pages, If Necessary 7 $18.50/SF
25,600.29 SF X $18.50/SF = $473,607 Estimated Value By MarketData Approach $ 473,607
EXPLANATION OF ADJUSTMENTS WlTII RECONCILIATION The Highest and Best Use of the subject site as if vacant was estimated to be for commercial/retail use. The subject is zoned for commercial
use, and sales with commercial zoning and/or commercial highest and best uses were utilized for a value estimate. The subject appears to be platted out of the adjacent shopping center
for the purpose of a service station lease. The plat of the subject, and information supplied to the appraiser indicates approximately 25,600.39 SF of site area. The subject will be
valued on a square footage basis. The dissimilarities that exist when comparing the sales to the subject property must be adjusted for. The primary categories of adjustment are Property
Rights, Financing Terms, Conditions of Sale, Time (Market Conditions), Location and Physical Characteristics. None of the sales required adjustment for Property Rights Conveyed, Financing
Terms or Condition of Sale. TIME The sales transpired from February of 1996 to February of 1996. Market conditions appear to have improved during this time frame and upward adjustment
was made to each of the comparable sales to reflect the perceived upward pressure on land prices in the subject area. The "Time" adjustment will be applied first to each of the comparables
so that the sale prices will be in current dollars. The remainder of the adjustments to the comparables will be made cumulatively. LOCATION Location is a very important factor in the
subject neighborhood and surrounding area. Certain areas of the neighborhood, as mentioned, command a higher per unit price than other areas and this must be taken into consideration.
The Yorkland to System Sale is located at the northwest corner of Business Avenue and Beltline Road. This corner is a minor controlled intersection to the west of the subject. Overall,
this corner location is deemed to be inferior to that of the subject and an upward adjustment is applied to this sale. A McDonalds restaurant has been constructed on this site. The Tippin
to CNL Sale is located at the southeast corner of Josey Lane and Keller Springs. This is a controlled intersection on two major secondary thoroughfares, but is deemed not to carry the
concentration of traffic as does the subject. Therefore, a moderate upward adjustment is applied to this sale. An Eckerd's Drug Store has been constructed on this site. The SEC to Exxon
Sale is located at the southeast corner of Beltline Road and Marsh Lane. Again, this location is at a controlled intersection of two major secondary thoroughfares. This location is judged
to be slightly superior to that of the subject, given the traffic volume and surrounding development. An Exxon minimart/service station in conjunction with a Wendy's restaurant has been
constructed on this site. PHYSICAL FEATURES Physical features include the tangible and intangible characteristics which dictate the possible or probable use of a property. Some of these
characteristics include zoning, availability of utilities (water, sewer, electricity, and gas), topography, shape, size, access and exposure. Some of the more important categories that
have a direct bearing on the final value estimate for the subject are size, access, exposure, zoning, topography and public utilities. Size The subject property is considered to be a
small size for commercial/retail uses. Typically larger "pad" sites 7-i
tend to be more flexible for convenient corner uses. For commercial uses, an optimum size parcel with better development utility may command more than a smaller site with less utility.
Consideration was given in this category for the subject's utilization as compared to the "typical" mini-mart/service station, which appear to be the preference in the current market.
All of the sales were larger than the subject and upward adjustments were made to reflect the perceived current market preference. Access Access is a key element in the success of a
commercial development. Easy and direct access to a property is felt to have a positive effect on its value. The subject has adequate frontage along both Midway Road and Beltline Road
to provide reasonable access to the site "as if' it were vacant and available for development. This situation is compatible with each of the comparable sales. All of the sales are considered
to have similar access and no adjustments were considered. Exposure Exposure is also a critical element which is necessary or advantageous for most types of commercial uses. Typically,
exposure to major freeway systems or other high volume traffic arteries commands a premium. The subject has good exposure from Midway Road and Beltline Road and is felt to be comparable
to the exposure available to each of the comparable sales. No adjustment were considered necessary for exposure. Zoning Zoning dictates the legal uses to which a property can be put.
Zoning classifications vary in criteria such as required setbacks, allowable building height, allowable floor area ratios, lot coverage, etc. The Highest and Best Use of the subject
was estimated to be for commercial/retail use. All of the sales were zoned or utilized for commercial uses and no adjustment was considered necessary. Public Utilities The subject property
and each of the comparable sales have access to all necessary utilities in sufficient quantities to support compatible developments. No adjustments are deemed warranted for this category.
Topography The subject has fairly good topographical features and is similar to all of the sales. No adjustments were made. RECONCILIATION After adjustments were made to the sales, an
indicated price per square foot range of $15.57/SF to $19.02/SF was derived. The corners most nearly similar to the subject indicated a range of ±$18/SF to ±l91SF. A final per-square-foot
price for the subject as a whole is estimated to be $18.50/SF. Therefore: 25,600.39 SF @$18.50/SF 7-ii = $473,607 (whole property-land value only)
MARKET DATA APPROACH -LAND AND IMPROVEMENTS The Market Approach involves the comparison of similar properties that have sold to the subject property. This approach was utilized in estimating
the value of the subject's land. No truly comparable improved sales of convenience stores with gas sales could be found in the subject area or surrounding areas. Typically, sales of
convenience stores involve the sale of the business entity (inventory, good will, trade fixtures, name) and the physical real estate. The segregation of these values is difficult to
verify with the associated parties to the transaction and cannot be abstracted by the appraiser with any accuracy. For this reason, this approaCh is considered inapplicable for use in
the valuation process. 7-iii
Income Approach Whole Property Justification of Gross Income, Rate and Method of 􀁃􀁡􀁰􀁩􀁴􀁡􀁬􀁩􀁺􀁡􀁴􀁩􀁯􀁮􀀺􀀮􀀮􀀮􀀺􀁓􀀺􀀺􀀺􀀮􀀺􀀺􀁥􀀢􀀽􀀽􀁥􀀺􀀮􀀮􀀮􀀮􀀻􀁣􀀢􀀢􀁯􀀼􀀮􀀺􀀮􀁭􀀺􀀬􀀺􀀬􀁭􀀽􀁥􀀺􀀮􀀺􀀮􀁮􀁴
􀁳􀀽􀀭􀀧􀁢􀀺􀀺􀀮􀀺􀀺􀁥􀀧􀀢􀀧􀁬􀁯􀁾􀁷􀀢􀀧􀀭􀀭 _ Estimated remaining economic life of improvements _ Stabilized Gross Income , $ _ Vacancy % , $ _ Effective Gross Income $. _ Taxes: City
, $ _ State & County $ _ Miscellaneous (School, etc.) . . . . . . . . . . . . . . $ _ Insurance: Fire & Extended Coverage. . . . . . . . . . . . . . . . .. $ _ Miscellaneous $ _ Annual
Deferred Maintenance . . . . . . . . . . . . . . .. $ _ Management % . . . . . . . . . . . . . . . .. $ _ Operating Expenses , $ _ Other Expenses . . . . . . . . . . . . .. $ _ Total
Expenses before Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $. _ Net Income to Property . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ _ Less Income Attributable to (Land) (Improvements) $ _ @---_%.....$._----Income Attributable to (Land) (Improvements)
$ _ Income Capitalized@%( %Interest %forRecaptureofCapital). $ _ (Land) (Improvement) $-----ESTIMATED VALUE BY CAPITALIZATION APPROACH...................... $.-===== Additional Appraisal
Information (Furnish Gross Rent Multiple Information for Dwellings) The utilization of the Income Approach for a mini-mart/service station was considered limited in the subject area.
Comparable lease data for convenience stores/gas stations within the area of the subject was not available for confirmation. Due to the limited market data pertaining to rental rates
on real estate only for buildings comparable to the subject, this approach was not considered in the valuation process. The subject site is leased to Exxon. While the appraiser understands
that the subject site lease data is available, lease data for other similar sites which have sold recently in the market is not available. Therefore, deriving a reliable indication of
value for the subject site via the Income Approach is not viable. 8
Final Estimate of Value Reoonciliation of Approaches to Value: The Cost Approach was considered to be the only reliable approach to value due to the special nature of the improvements.
This approach estimated the replacement cost of the improvements less depreciation from all causes. The land value was estimated by the Market Approach which was felt to be a reliable
method of valuation for the land. This approach utilized sales for similar vacant land and adjustments were made for dissimilarities. The Income and Market Approaches for the valuation
of the improvements were not considered reliable due to the limited market data for operating convenience stores/service stations. Easements: Existing Easement(s), if any, which is not
to be extinguished in purchase of the fee: See addendum Effect of such easement(s) on the value of the 􀁦􀁥􀁥􀀺􀁾􀁎􀁾􀁯􀁾􀁰􀀺􀀮􀀺􀀺􀀺􀁯􀁾􀁳􀁩􀁾􀁴􀁩􀀺􀀮􀀮􀀺􀀮􀁶􀀮􀀺􀀺􀀺􀀮􀁥􀁾􀁯􀁾􀁲􀁾􀁮􀁾􀁥􀁾􀁧􀁾􀁡􀁴􀁾
􀁩􀁶􀀮􀀺􀀮􀀺􀁥􀁾􀁥􀁦􀁦􀁩􀁾􀁥􀀺􀀺􀀺􀀺􀀺􀁣􀀺􀀺􀀺􀀺􀀺􀁴􀀬􀀭􀀭 _ Estimated Value of Whole Property, subject to above easement(s), if any 􀀤􀀮􀀢􀀢􀀬􀀹􀀵􀀺􀀺􀀮􀀬􀀺􀀶􀁾􀀬􀀵􀀺􀀺􀀮􀀬􀀺􀀰􀁾􀀳􀁾
_ Total •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 􀀤􀀮􀀬􀀻􀀻􀀮􀀻􀀹􀀵􀀻􀀻􀀬􀀻􀁩􀀶􀁾􀀬􀀵􀁾􀀰􀀳􀀻􀀻􀀻􀀮􀀢􀀮.􀀬.....􀁟􀁾 Values of Component Parts --Whole Property Contributory
Value of Improvements Main Building 1,081 SF = $=13=5=,8=1..:-7 _ Canopy 3,570 SF = 􀀤􀀮􀀮􀀮􀀮􀀺􀀺􀀶􀁾􀀸􀁾􀀬􀀵􀀮􀀮􀀮􀀺􀀮􀀮􀀴􀀴􀁾 _ Fuel Tanks 4 = 􀀤􀀭􀀭􀀬􀀴􀁾􀀳􀀮􀀱􀀮􀀺􀀺􀀬􀀸􀀺􀀮􀀮􀀺􀀺􀀺􀀰􀀰􀁾
_ Dispensers 6 = 􀀤􀀮􀀮􀀮􀀮􀀺􀀺􀀶􀁾􀀷􀁾􀀬􀀲􀁾􀀰􀁾􀀰 _ Air!Water 1 = $_""'80::.,:0"'-_ Piping = 􀀤􀀮􀀻􀀳􀀢􀀢􀀢􀀱􀀬􀁾􀀵􀁾􀀰􀀰􀀺􀀺􀀮􀀮􀀮􀀮􀁟_ Pumps 4 = $--=2,10::.88:::;.;0"'-_ Signs 2
= $....;:1;::.3,1.:::3:::20::...._ _ Elec. Totaler 36 = $....:3'-'4"",5""'6=0 _ Islands 336 SF = $.---"'-'1,""'88""'2::...._ _ Landscape,etc. 3,840 SF = $....:1:...;.7.>::,2=8=0 _ Trash
Indos. 162 SF = 􀀤􀀭􀀭􀀭􀀺􀀺􀀺􀀻􀀱􀀬􀁾􀀱􀀢􀀢􀀬􀀶􀀶􀀢􀀬􀀭􀀭 _ Concrete Pav. 20,500 SF = $....:5'-'4.>...;.4:..:2;.:..7 _ Yard Lights 6 = 􀀤􀀭􀀭􀀺􀀮􀀮􀁊􀀷􀀬􀀮􀀺􀀺􀀺􀀺􀀲􀀰􀁾􀀰􀀺􀀮􀀮􀀮􀀮􀀭
_ Curbing (int) 350 LF = $-=2,"""52='=0:....-_ Total Improvements . Contributory Value of Land . Total as a Unit . Total ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
Pages 10, 11, 12 and 13 should be omitted on whole takings 9 $482,896 $473,607 $956,503 $956,503
Data on Partial Taking Dimensions: 􀀮􀀮􀀮􀀮􀀺􀀺􀁓􀁾􀁥􀀺􀀺􀀺􀀺􀁥􀁾􀁰􀁾􀁧􀀾􀀧􀀭􀀮􀁾􀀳 􀁾 x = 3,720 sq. ft. Fee _____________________ x = sq. ft./acres Easement Whole Property: The market
value of the whole property is $--"9..::.5=6,<=,.50=3'--_ Part Taken: Considered as severed land, the market value of the fee simple title to the part being taken for highway purposes
-less oil, gas and sulphur and subject to existing easements, if any, which are not to be extinguished --is , $ 81,887 (1) Remaining Property: The market value of the remainder immediately
before the taking is $ 874,616 (2) Considering the use to which the part taken is to be subjected to, the market value of the remainder immediately after the taking is .. . . . . . .
. .. $ 870,866 (3) Net Damages or (Net Enhancements), if any: , $-=3,1..:..75:::.:0"--_ 􀁔􀁯􀁾􀁃􀁯􀁭􀁰􀁥􀁾􀁴􀁩􀁯􀁮 􀀤􀁟􀀸􀀽􀀵􀁾􀀬􀀶􀀽􀀳􀀷􀀭􀀽􀀽􀀭􀀽􀀭􀀽 Appraisals of Part Taken and Remainder
(1) Park Taken Highest and Best Use: Part of Whole-Commercial Use/Convenience Store Contributory Value of Improvements: Concrete* 1,168 SF + Curbing* 80 LF + LandscapelMasonry/Sprinkler
Vent Pipes Monitoring Well Total Improvements Land: Easement 􀁾􀁡􀁣􀁲􀁥􀁳􀀯􀁳􀁱􀀮 ft.@_ Fee 3,720 sq. ft. @$18.50/SF = Total Land Total as a Unit: $ 3,101 $ 576 $ 8,640 $ 250 $ 500 $-----$-----$-----
-$13,067 $._-----$ 68,820 $68,820 $81,887 *This figure includes existing concrete paving noted during the inspection of the subject and the concrete paving which was lost during the
reconstruction of the improvements pending the right-of-way acquisition. A monitoring well and vent pipes are located in the take area and the cost to relocate these items will be considered
the cost to cure functional obsolescence created by the loss. The cost to cure will be reflected in the valuation of the Remainder After The Take. 10
DESCRIPTION OF PART TAKEN The part taken consist of a fee taking of approximately 3,720 SF along the southern and eastern sides of the subject property. The take area does not constitute
a self sustaining economic unit within itself due to its shape and size and will be valued as a part of the whole. Note: The take area is irregular in shape and is not wlwlly located
on the Erxon site, but extends to the north along Midway, and the west along BelJJine onto portions ofthe slwpping center site. For the purpose of this valuLltion assignment, no distinction
is made for this area outside the Erxon site, as it is presumed that Erxon has some form ofjoint use/access agreement with the adjoining slwpping center which is under the same fee ownership
as the Erxon site. The take line appears to include one of the two monitoring wells on the site, as well as the vent pipes for the underground fuel tanks. A significant portion of the
landscape is located within the take area along the east side of the subject site. A disproportionate amount of landscape value is placed on the landscape in the take area to reflect
1) the nature of landscape located therein, and 2) to allow for the extra ordinary expense of the encompassed sprinkler system. It was estimated by the appraiser that the relocation
of the monitoring well and vent pipes to another location on the subject site would be feasible given the amount of available space. Costs for relocation of the above items will be considered
in the Remainder After Take section. lO-i
(2) Remainder Before Taking $469,829 $404,787 $814,616 $135,817 $ 67,200 $ 800 $ 68,544 $ 2,880 $ 34,560 $ 43,800 $ 1,882 $ 51,326 $ 13,320 $ 1,166 $ 30,750 $ 8,640 $ 1,944 $ 7,200 $-------$404,787
Landscape, etc. Islands Pumps Elec. Totaler Piping Dispensers Fuel Tanks Canopy Concrete Paving Air{Water Curbing (interior) Signs Yard Lights Trash Enclosure Highest and Best Use: Commercial
Use/Convenience store/service station Contributory Value of Improvements: Main Bldg. Total Improvements Land: Easement. ,acres/sq. ft.@_ Fee 21,880.39* sq. ft. @$18.50/SF = Total Land
Total as a Unit: 2,880 1,882 1,166 800 1,944 7,200 8,640 43,800 30,750 67,200 34,560 13,320 51,326 $ 68,544 $ 135,817 ($ 3,750) $ 466,079 $ 404,787 $ 870,866 800 $------$404,787 2,880
1,882 7,200 1,166 8,640 1,944 43,800 67,200 30,750 13,320 34,560 51,326 Depreciated Cost $ 68,544 Reproduction Cost $---------Fuel Tanks Air{Water Islands Piping (3) Remainder After
Taking Highest and Best Use: Commercial Use/Convenience store/service station Dimensions: X = sq. ft'/acres Easement See pg. 3 X = 21,880.39*sq. ft/Fee (a) Cost Approach Remainder After
Taking Contributory Value of Improvements: Estimated Reproduction Cost Main Building 1,081 sq.ft. $139.60 per sq. ft. $150,908 Porches....:N'-'J/c:..A-=--$ per ft. $ _ Total $=15=0=,9=08"'--_
Less Depreciation $.􀀮􀀮􀀮􀀮􀀺􀀱􀁾􀀵􀁾􀀬􀀰􀁾􀀹􀁾􀀱 _ Total Improvements Canopy Pumps Dispensers Landscape, etc. Elec. Totaler Signs Curbing (interior) Yard Lights Concrete Paving Trash
Enclosure Less Cost to Cure Functional Obsolescence Value Improvements Contribute to Remainder Land: Easement. acres/sq. ft.@_ Fee 21,880.39* /sq. ft. @$18.50/SF = Total Land &tOOatOO
Value of Remainder: Comments on Depreciation Factors: See pg. 11-i for "*" note and comments. 11
REMAINDER AFIER TIlE TAKE Land Size: The Remainder size has not actually been reduced by the 3,720 SF indicated in this figure as a portion of the Take is situated on the adjacent property,
which has the same fee simple owner as the Exxon site. The 3,720 SF Take has been taken off of the Exxon site size in an attempt for clarity. Due to the location of the vent pipes and
one monitoring well within the proposed ROW, these items will require relocation. This requires plugging, testing, relocating, and reporting efforts, plus possible saw cutting. Relocation
of these items is estimated to be physically possible and economically feasible. The subject site has ample area within the driveway area at the southeast portion of the site to accommodate
the relocation of the these items. Two engineering firms were contacted concerning the probable cost of the plugging and relocation of these items; E A Engineering Science & Technology
and USA Professional Services Group. A cost estimate to remove, plug, and relocate the vent pipes was estimated at $1,000. Twenty-five percent of this amount was estimated by the appraiser
to equate to the "improvement in the Take", and 75% of this cost was allocated for the relocation. An estimate of $3,500 was made for the relocation of one monitoring well (to include
testing, plugging, saw cutting, re-installation, and submitting the required reports), of which $500 was allocated to the value of the "improvement in the Take" and $3,000 estimated
for the relocation expense. TOTAL ESTIMATED COST OF RELOCATION OF IMPROVEMENTS $3,750 This total cost will be charged as additional depreciation or the cost to cure the functional obsolescence
created by the take. ll-i
(b) Market Data Approach Remainder Mter Taking -Land Only Representative Comparable Sales Sale Parties (Details on 2S) Relative Location Yorkland to System 3/4 mi. W 2-98 55,626 SF Tippin
to CNL 4 mi. NW 10-97 60,984 SF SEC to Exxon 1 mi. W 2-96 68,354 SF In Adjusting Sale Indicate Subject is * Compared To Sale For: Sale Price/SF: $13.48/SF $16.40/SF $18.65/SF Time 10/98
+5% +10% +20% Location +20% +10% -5% Size -10% -10% -10% Access -0--0--0-Exposure -0--0--0-Zoning -0--0--0-Utilities -0--0--0-Topography -0--0--0-Indicates $15.57/SF $18.04/SF $19.02
Explanation of Adjustments with Reconciliation See following pages *Positive adjustments indicate subject is superior to sale. Negative adjustments indicate sUbject is inferior to sale.
SEE FOLLOWING PAGE FOR EXPLANATION OF ADJUSTMENTS Indicated Unit Value: Indicated Site Value: Use Reverse Side or Additional Pages, If Necessary 12 $18.50/SF 21,880.39 SF X $18.50/SF
= $404,787 Estimated Value By Market Data Approach $ 404,787
EXPLANATION OF ADJUSTMENTS WI1H RECONCILIATION The Highest and Best Use of the subject remainder as if vacant was estimated to be for commercial/retail use. The subject is zoned for
commercial use, and sales with commercial zoning and/or commercial highest and best uses were utilized for a value estimate. The subject appears to be platted out of the adjacent shopping
center for the purpose of a service station lease. The plat of the subject, and information supplied to the appraiser indicates approximately 21,880.39 SF of Remainder site area. See
Note on Page 10-i. The subject will be valued on a square footage basis. The dissimilarities that exist when comparing the sales to the subject property must be adjusted for. The primary
categories of adjustment are Property Rights, Financing Terms, Conditions of Sale, Time (Market Conditions), Location and Physical Characteristics. None of the sales required adjustment
for Property Rights Conveyed, Financing Terms or Condition of Sale. TIME The sales transpired from February of 1996 to February of 1996. Market conditions appear to have improved during
this time frame and upward adjustment was made to each of the comparable sales to reflect the perceived upward pressure on land prices in the subject area. The "Time" adjustment will
be applied first to each of the comparables so that the sale prices will be in current dollars. The remainder of the adjustments to the comparables will be made cumulatively. LOCATION
Location is a very important factor in the subject neighborhood and surrounding area. Certain areas of the neighborhood, as mentioned, command a higher per unit price than other areas
and this must be taken Into consideration. The Yorkland to System Sale is located at the northwest corner of Business Avenue and Beltline Road. This corner is a minor controlled intersection
to the west of the subject. Overall, this corner location is deemed to be inferior to that of the subject and an upward adjustment is applied to this sale. A McDonalds restaurant has
been constructed on this site. The Tippin to CNL Sale is located at the southeast corner of Josey Lane and Keller Springs. This is a controlled intersection on two major secondary thoroughfares,
but is deemed not to carry the concentration of traffic as does the subject. Therefore, a moderate upward adjustment is applied to this sale. An Eckerd's Drug Store has been constructed
on this site. The SEC to Exxon Sale is located at the southeast corner of Beltline Road and Marsh Lane. Again, this location is at a controlled intersection of two major secondary thoroughfares.
This location is judged to be slightly superior to that of the subject, given the traffic volume and surrounding development. An Exxon minimart/service station in conjunction with a
Wendy's restaurant has been constructed on this site. PHYSICAL FEATURES Physical features include the tangible and intangible characteristics which dictate the possible or probable use
of a property. Some of these characteristics include zoning, availability of utilities (water, sewer, electricity, and gas), topography, shape, size, access and exposure. Some of the
more important categories that have a direct bearing on the final value estimate for the subject are size, access, exposure, zoning, topography and public utilities. Size The subject
property is considered to be a small size for commercial/retail uses. Typically larger "pad" sites 12-i
tend to be more flexible for convenient corner uses. For commercial uses, an optimum size parcel with better development utility may command more than a smaller site with less utility.
Consideration was given in this category for the subject's utilization as compared to the "typical" mini-mart/service station, which appear to be the preference in the current market.
All of the sales were larger than the subject and upward adjustments were made to reflect the perceived current market preference. Access Access is a key element in the success of a
commercial development. Easy and direct access to a property is felt to have a positive effect on its value. The subject has adequate frontage along both Midway Road and Beltline Road
to provide reasonable access to the site "as if' it were vacant and available for development. This situation is compatible with each of the comparable sales. All of the sales are considered
to have similar access and no adjustments were considered. Exposure Exposure is also a critical element which is necessary or advantageous for most types of commercial uses. Typically,
exposure to major freeway systems or other high volume traffic arteries commands a premium. The subject has good exposure from Midway Road and Beltline Road and is felt to be comparable
to the exposure available to each of the comparable sales. No adjustment were considered necessary for exposure. Zoning Zoning dictates the legal uses to which a property can be put.
Zoning classifications vary in criteria such as required setbacks, allowable building height, allowable floor area ratios, lot coverage, etc. The Highest and Best Use of the subject
was estimated to be for commercial/retail use. All of the sales were zoned or utilized for commercial uses and no adjustment was considered necessary. Public Utilities The subject property
and each of the comparable sales have access to all necessary utilities in sufficient quantities to support compatible developments. No adjustments are deemed warranted for this category.
Topography The subject has fairly good topographical features and is similar to all of the sales. No adjustments were made. RECONCILIATION After adjustments were made to the sales, an
indicated price per square foot range of $15.57/SF to $19.02/SF was derived. The corners most nearly similar to the subject indicated a range of ±$18/SF to ±19/SF. A final per-square-foot
price for the subject as a whole is estimated to be $18.50/SF. Therefore: 21,880.39 SF @$18.50/SF 12-ii = $404,787 (Remainder property-land value only)
(c) Income Approach Remainder After Taking Justification of Gross Income, Rate and Method of Capitalization: _ Estimated remaining economic life of improvements _ Stabilized Gross Income
$ _ Vacancy % $ _ Effective Gross Income $ _ Taxes: City. . . . . . . . . . . . . . . . . . . . . . . . .. $ _ State & County $ _ Miscellaneous (School, etc.) . . . . . . .. $__􀁾 _
Insurance: Fire & Extended Coverage. . . . . . . .. $, _ Miscellaneous $, _ Annual Deferred Maintenance $, _ Management . . . . . .. $, _ Operating Expenses $, _ Other Expenses . . .
. .. $, _ Total Expenses before Depreciation $, _ Net Income to Property $, _ Less Income Attributable to (Land) (Improvements) $, @%....$, _ Income Attributable to (Land) (Improvements)
$ _ Income Capitalized@%(, %Interest %forRecaptureof Capital) $ _ (Land) (Improvement) $------ESTIMATED VALUE BY CAPITALIZATION APPROACH $====== Additional Appraisal Information (Furnish
Gross Rent Multiple Information for Dwellings) See following page. Reconciliation and Final Estimate of Value -Remainder After Taking See following page. Use Reverse Side or Additional
Pages, if necessary 13
INCOME APPROACH TO VALUE -REMAINDER AFIER TAKE The utilization of the Income Approach for a mini-mart/service station was considered limited in the subject area. Comparable lease data
for convenience stores/gas stations within the area of the subject was not available for confirmation. Due to the limited market data pertaining to rental rates on real estate only for
buildings comparable to the subject, this approach was not considered in the valuation process. The subject site is leased to Exxon. While the appraiser understands that the subject
site lease data is available, lease data for other similar sites which have sold recently in the market is not available. Therefore, deriving a reliable indication of value for the subject
site via the Income Approach is not viable. RECONCILIATION OF APPROACHES TO VALUE -REMAINDER AFIER TAKE The Cost Approach was considered to be the only reliable approach to value due
to the special nature of the improvements. This approach estimated the replacement cost of the improvements less depreciation from all causes. The land value was estimated by the Market
Approach which was felt to be a reliable method of valuation for the land. This approach utilized sales for similar vacant land and adjustments were made for dissimilarities. The Income
and Market Approaches for the valuation of the improvements were not considered reliable due to the limited market data for operating special purpose convenience stores. As a result
of the take, the monitoring well and vent pipes would have to be relocated. The cost of this relocation was considered additional functional obsolescence or the cost to cure the functional
obsolescence created by the take. This cost to cure was deducted from the depreciated cost of the improvements for a final value estimate of the Remainder After the Take. A final estimate
of the value of the Remainder After Take is $870,866. 13-i
􀁮-􀀮􀂷􀂷􀂷􀁾􀂷􀂷􀁾􀀺􀀬 , -:tl.22§..QeJ"o Mag 14.00 Sun Oct 18 23:01 1998 Scale 1:31 ,250 (at center) 2000 Feet ---..􀁟􀁾􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀻􀁩 SALE MAP --. Secondary SRiRoad/Hwy Ramp Population
Center 􀁾Toll Highway County Boundary Utility/Pipe l1li Water 􀁉􀀭􀁟􀁾􀀭􀀭􀀬􀁉􀀼􀁊 1000 Meters Railroad Point of Interest • Small Town 􀀮􀁾􀀮 Park/Reservation (-f'") Public Airport River/Canal
Intermittent River
Texas Department of Transportation ROW-RTA·5S 9-96 ROW Account 􀀬􀀭􀀬􀁎􀀬􀀭􀀬􀀭􀀯􀁁􀁾 _ Parcel No. .=:Exx=on:.:...-_ Highway BeltlinelMidway County 􀁾􀁄􀁾􀁡􀁬􀁾􀁉􀁡􀁾􀁳 _ COMPARABLE
DATA SUPPLEMENT LandSale_x_ Improved Sale__ Rental Data__ Grantor(Lessor Yorkland Partners, LP GranteelLessee System Capital Real Propertv Corp. Date 02-17-98 Recording Information 􀁾􀀹􀀸􀀢􀀬􀀬􀀰􀁾􀀳􀀺􀀮􀀺􀀲􀀺􀁌􀀮􀀺􀀺􀀯
􀀳􀀬􀀭􀀬􀀬􀀹􀀮􀀮􀀺􀀮􀀮􀀹􀀮􀁯􀀺􀀮􀀮􀀰 Key Map...oD"---"1-'-'4A:....:..-_ Address NW/c Beltline Rd. & Business Ave., Addison, Tx. Zip Code _ Legal Description Part of Block 2, Beltline-Marsh
Business Pk Addn, Addison, Tx. Confirmed Price $ ..:...75::..;0"-',.:;:.00:::..;0"--Verified With Rick Fambro, Broker, 972-985-0500 Terms and Conditions of Sale .C.as:h::to.s:e:ll:er.::.:.:...=--==--
----------------------Rental Data 􀁾􀁎􀀢􀀭􀀧􀀯􀁁􀁾 _ Land Size .:;..55=,=62=6"-=S;;...F Unit Price As Vacant $ .;:;.:13::::...:...:..4S""-/.:::;S.::...F _ Type Street ..::::C""o..:.:n.="cro..:::e:.>:
te"'--Utilities All Available Improvement(s) Description 􀁾􀁎􀀧􀀭􀀢􀁯􀀻􀀮􀀺􀀮􀀺􀁮􀀽􀁥􀀮􀀮􀀮􀀮􀀺􀁡􀀺􀀮􀀮􀀺􀀮􀁴􀀮􀀮􀀮􀀮􀀺􀀺􀀺􀁳􀀮􀀺􀀺􀀮􀁡􀀺􀀮􀀮􀀽􀁬􀁥􀀧􀁟􀁟􀁟 _ Improvement(s) Size =...;N:;.=/A....o.-__
(GBA)=...;N.L;/A...o....-__ (NRA) Unit Price as Improved $ =...;N"-"/A-.-:.-_ Condition and Functional Design 􀀮􀀺􀀮􀀮􀀻􀁎􀀺􀁌􀀮􀀺􀀯􀁁􀁾 _ Current Use McDonalds Fast Food Intended Use
-C=om.m.e:r:c;ia=l ====------------Date of Inspection 􀁾􀀱􀀮􀀺􀀺􀀺􀀮􀀮􀀰􀀭􀀮􀀮􀀺􀀺􀀰􀀺􀀮􀀺􀀺􀀺􀀻􀀵􀀮􀀮􀀮􀀮􀀺􀀭􀀹􀀧􀁟􀀢􀀸􀀧􀁟􀁟􀁟 ZOning Commercial Flood Plain None 􀀻􀀺􀀮􀀮􀀮􀀮􀀻􀀮􀀮􀀮􀀻􀀺􀁾􀀭􀀭􀀭􀀭�
�􀀭􀀭 Attach Additional Information _ Appraiser Mark A. Hires 10/05/98 (Typed, not signed) Date
Texas Department of Transportation ROW-RTA-5S 9-96 ROW Account 􀁾􀁎􀀡􀀮􀀡􀀮􀀮􀀮􀀯􀁁􀁾 _ Parcel No. :o::.Exx:=o:..:..n _ Highway BeltlinelMidway County 􀁾􀁄􀁾􀁡􀁬􀁾􀁬􀁡􀀢􀀬􀀭􀁳 _ COMPARABLE
DATA SUPPLEMENT Land Sale_x_ Improved Sale__ Rental Data__ GrantorlLessor Tippin's Restaurant, Inc. GranteclLessce CNL Retail Devel., Inc. Date 10-02-97 Recording Information .::...97"'-'1::c::9'-=2:
L-:!2::..:2:o.o;8;.:2 Key Map---=D=..-..;3c=S'--_ Address SE!c, Josev Ln. & Keller Springs, carrollton, Tx. Zip Code _ Legal Description Lot lR, Blk. 1, Plaza II of Josey Ranch Addn.,
carrollton, Tx Confirmed Price $ ""'-'1,'-"0-"'-00::<),""0"'-'00"--Verified With Robert Bourne, grantee, 407-422-1574 Terms and Conditions of Sale 􀁾􀁁􀁬􀀺􀀻􀀮􀀻􀁬􀀧􀁟􀁣􀀺􀀺􀀮􀀮􀀺􀁡􀀢􀀢􀁳􀀮􀀺􀀮􀀺􀀮􀁨
􀁟􀀽􀁴􀀢􀀢􀀭􀁯􀀮􀀮􀀮􀀮􀀺􀀻􀀺􀁳􀀮􀀻􀀻􀀮􀁥􀁬􀀮􀀺􀀮􀀺􀀮􀁬􀁥􀀺􀀺􀀮􀀺􀁲 _ Rental Data "-'N"-'!Ae.:.-_ Land Size ""-60"-',.::....98=..4.:-.=..SF=--Unit Price As Vacant $ =.$=16=.4..:.;0""-!=SF=--_
Type Street 􀀮􀀺􀀺􀀺􀁃􀀺􀀺􀀺􀀺􀁯􀀢􀀭􀀧􀁮􀁾􀁣􀁲􀀺􀀮􀀭􀀧􀀺􀁥􀁾􀁴􀁥􀁾 Utilities All Available Improvement(s) Description Restaurant at sale, demolished since Improvement(s) Size "-,N,,-,!A-=-__
(GBA)"-,NCL:.!A-=-__(NRA) Unit Price as Improved $ 􀀺􀀮􀀮􀀮􀀺􀁎􀁣􀀡􀁁􀁾 _ Condition and Functional Design Original improvements demolished Current Usc Eckerd's Drug Store Intended Use
..=C..=o.;..:m.:.:.m.:.:.e:,:r..;c.:.:.ia:..:..l _ Date of Inspection 􀁾􀀱􀁏􀁾􀀭􀁾􀀰􀀮􀀺􀀺􀀮􀀵􀀮􀀮􀀮􀀮􀀺􀀺􀀭􀀹􀀺􀀮􀀺􀀺􀀺􀀸􀀬􀀭􀀭􀀭 Zoning Commercial Flood Plain =No-n=e -==--------Attach
Additional Information Estimated $17,000 demolition cost paid by grantee Appraiser Mark A. Hipes 10-05-98 (Typed, not signed) Date
Texas Department of Transportation ROW-RTA-5S 9-96 ROW Account :...;Nc:..:./A..:....-_ Parcel No. =:E""xx""o.:.:..n _ Highway BeltlinelMidway County.:=:O""'al""la""s _ COMPARABLE DATA
SUPPLEMENT Land Sale_x_ Improved Sale__ Rental Data__ Grantor!Lessor SEC Beltline & Marsh Ptms" LP Grantee!Lessee =:E:;.:xx""'o""n"--"C""o..:.,rp"",'-_ Date 02-0S-96 Recording Information
􀀺􀀽􀀮􀀮􀀺􀀹􀀶􀀢􀀭􀀧􀀰􀀼􀀽􀀲􀀺􀀮􀀮􀀮􀀮􀀺􀀮􀀴􀁾􀀯􀀱􀁣􀀺􀀺􀀺􀀳􀀮􀀮􀀺􀀺􀀮􀀮􀀹􀀸􀁾 Key 􀁍􀁡􀁰􀁾􀁄􀀺􀀺􀀺􀀮􀀮􀀭􀁾􀀱􀀢􀀢􀀳􀀭􀀧􀀽􀀧􀁄􀀧􀀭 _ Address SE/c Beltline & Marsh Ln., Addison, Tx. Legal
Description Lot 1, Block 1, Exwen Addn., Addison, Tx. Zip Code _ Confirmed Price $ 􀁾􀀱􀀬􀀽􀀲􀀢􀀧􀀭􀀷􀁓􀀺􀀻􀀻􀀮􀀺􀀬􀀽􀀰􀀮􀀺􀀮􀀺􀀮􀀮􀀰􀀰􀀽􀀭􀀭 Verified With .=:G;..:.r:;;.:an""'t=o-'-r
_ Rental Data :...;N""'/A:...:...;.-_ Land Size 􀀮􀀺􀀮􀀺􀀮􀀮􀀶􀀸􀀽􀀬􀀮􀀺􀀮􀀺􀀮􀀮􀀳􀁓􀀺􀀻􀀮􀀮􀀮􀀴􀀮􀀺􀀮􀀮􀀮􀀮􀀽􀁓􀁾􀁆 Unit Price As Vacant $ -=..;18"'-.6:::::S"'-'/S""'F'---_ Type Street
􀀭􀀧􀀽􀁃􀁾􀁯􀀭􀀧􀀭􀀧􀀭􀁮􀀺􀀺􀀺􀀮􀀺􀁣􀁲􀀧􀀭􀀢􀁥􀀢􀀢􀀧􀁴􀁥􀀢􀁟􀁟 Utilities All Available Improvement(s) Size :...;N.L;;;/A--=--__ (GBA)"--'N:L:;./A-=--__ (NRA) Unit Price as Improved $
"--'NJ.:./A--=--_ Condition and Functional Design :...;N"-'/A'-'---_ Current Use Fast Food & Service Station Intended Use 􀁾􀁓􀀮􀀺􀀮􀀺􀀮􀀮􀁡􀁭􀀽􀁥 _ Date of Inspection -=-10=--..=0;;.5....:-9-=8'---Z
oning Commercial Flood Plain 􀀽􀀭􀁎􀀬􀀭􀀢􀁯􀀺􀀮􀀮􀀺􀀮􀀮􀀺􀁮􀁾􀁥 _ Attach Additional Information Joint development between Exxon & Wendy's Appraiser Mark A. Hires 10-0S-98 (Typed, not
signed) Date
ADDENDUM Assumptions & Limiting Conditions Legal Description -Part Taken Title Policy/Sales HistorylEasements Certificate Qualifications
ASSUMPTIONS AND LIMITING CONDITIONS (Read Carefully) The following assumptions and limiting conditions are attached to and are made a part of this Appraisal (the "Appraisal") of the
subject property (the "Property") described in this Appraisal ("Appraisal") made by Hipes & Associates (the "Appraiser") at the request of the person or entity (the Beneficiary") to
whom and for whose exclusive use this Appraisal was prepared and delivered; and, this Appraisal is made by the Appraiser and accepted by the Beneficiary subject and strictly according
to the within assumptions and limiting conditions: 1. That legal and equitable title to the Property is good and merchantable and that title is held by the owner ("Owner") of the Property
in fee simple absolute forever, unless otherwise agreed by the Appraiser in writing. (No responsibility is assumed for matters legal or chance, nor is any opinion rendered as to the
title to the Property. The possible existence of any disputes, suits, assessments, claims, liens or encumbrances has been disregarded, and the Property is appraised as though free and
clear.) 2. That no survey of the Property has been made by the Appraiser and no responsibility is assumed in connection with any matters that may be disclosed by a current perfect survey
of the Property. (Dimensions and areas of the Property and comparables were obtained by various means including estimate and are not represented or guaranteed to be exact.) 3. That allocations
of value between land and improvements are applied only under the current program of occupancy and utilization, and are not made or intended to be used in conjunction with any other
appraisal and, if so used, are invalid. 4. That all information contained in this Appraisal is private and confidential and is submitted strictly for the sole use of the Beneficiary;
and, no other person or entity is entitled to read, use or rely upon the contents thereof. (Possession of the Appraisal or any copy thereof, does not carry with it the right of publication
or use. The Appraiser will not be required to give any testimony or appear in any court or other proceeding by reason of making or delivering the Appraisal without the prior written
approval of the Appraiser.) 5. That all information and comments pertaining to the Property and other properties is the personal opinion of the Appraiser formed after examination and
study of the Property and its surroundings; and, although it is believed that the information, estimates and analyses contained herein are correct, the Appraiser does not warrant or
guarantee them, and assumes no liability for errors in fact, analysis or judgement. (Any misinformation about the Property furnished to the Appraiser by the Beneficiary, at the option
of the Appraiser, may release the Appraiser from any liability and invalidate the Appraisal.) 6. That all opinions of value contained in the Appraisal are merely estimates. (There is
no warranty or guarantee, written or implied, made by the Appraiser that the Property is worth or will sell for the appraised value now or ever.) 7. That disclosure of the contents of
this Appraisal is governed by the Uniform Standards of Professional Appraisal Practice, and that, in addition, neither all nor any part of the contents of this Appraisal (especially
any conclusions of value, the identity of the Appraiser, shall be disseminated to the public through reports, proposals, brochures or any other means of
communication without the prior written consent and approval of the Appraiser. BENEFICIARY WILL NOT CAUSE, SUFFER OR PERMIT ANY PUBLIC DISSEMINATION OF THIS APPRAISAL TO OCCUR AND, BY
ACCEPTING THIS APPRAISAL, BENEFICIARY INDEMNIFIES APPRAISER AGAINST ANY LOSS, COST, LIABILITY, DAMAGE OR CLAIM INCURRED WITHOUT REGARD TO FAULT BY APPRAISER ARISING IN CONNECTION WITH
ANY SUCH UNAUTHORIZED DISCLOSURE BY BENEFICIARY. 8. That there are no latent defects or any hidden or any unapparent conditions of the Property, subsoil, or structures which would render
the Property more or less valuable. (No responsibility is accepted or assumed by Appraiser for any such conditions or for analyses or engineering which may be required to discover them.)
9. That no environmental impact or environmental condition studies were either requested or made in conjunction with this Appraisal unless otherwise agreed by Appraiser in writing and
shown in the Appraisal and the Appraiser hereby reserves the right to alter, amend, revise or rescind any of the value opinions included in this Appraisal based upon any subsequent environmental
impact or environmental condition studies, research, revelation or investigation. (In particular, unless otherwise agreed by Appraiser in writing, and shown in this Appraisal, this Appraisal/Appraise
r assumes that no violations of any environmental, or other, laws affecting the Property are pending or threatened against the Property and that no toxic waste, hazardous materials or
dangerous substances have ever been stored, used, produced, maintained, dumped or located on or about the Property.) 10. That the value of the Property is estimated on the basis that
there will be no international or domestic political, economic, or other adverse conditions or any military or other conflicts including strikes and civil disorders that will seriously
affect overall real estate values. 11. That Beneficiary understands that the real estate values are influenced by a large number of external factors, that the data contained contained
in the Appraisal is all of the data that Appraiser considered necessary to support the value estimate and that the Appraiser has not knowingly withheld any pertinent facts; and, Beneficiary
has been advised and agrees that the Appraisal does not warrant, represent or guarantee that Appraiser has knowledge or appreciation of all factors which might influence the value of
the Property. 12. That due to the rapid changes in external factors affecting the value of the Property, Appraiser's value conclusions are considered reliable only as of the date of
the Appraisal. 13. That on all appraisals made subject to satisfactory construction, repairs, or alterations of improvements, the Appraisal and value conclusions are contingent upon
completion of such work on the improvements in a good and workmanlike manner, without dispute, per plans, in code, as agreed and within a reasonable period of time. 14. That the value
estimate of the Property assumes financially and otherwise responsible ownership and competent management of the Property. 15. That the Appraisal consists of trade secrets and commercial
or financial information which is privileged and confidential and exempted from disclosure under 5 U.S.c. 533 (b) (4). (Please notify Hipes and Associates of any request for any reproductions
of this Appraisal.)
16. That accurate estimates of costs to cure deferred maintenance are difficult to make or assess and that many different approaches or arrangements can be attempted or applied in various
ways. (Any estimates provided within this Appraisal represent reasonably probably costs given current market conditions, available information and the Appraiser's expertise. Further
deferred maintenance affecting the Property is considered to be limited to only those items, if any specified in detail, in the Property section of this Appraisal. 17. That the existence
of potentially hazardous materials used in the construction or maintenance of the Property such as urea-formaldehyde foam insulation, asbestos in any form, and/or other dangerous substances
or materials on the Property, has not been considered, unless otherwise shown in the Appraisal. (The Appraiser is not qualified to detect such material or substances and it is the responsibility
of the Beneficiary to retain an expert in this field, if desired.) 18. That the liability of the Appraiser and its officer, directors and employees, agents, attorneys and shareholders
is limited to the fee collected for preparation of the Appraisal. (Appraiser has no accountability or liability to any third party, except as otherwise agreed in writing by Appraiser
and such other party.) 19. That any projected potential gross income of the Property referred to in the Appraisal may be based on lease summaries provided by the Beneficiary, Owner or
third parties and Appraiser has not reviewed lease documents and assumes no responsibility for the authenticity, accuracy or completeness of lease information provided by others. (Appraiser
suggests that legal advice be obtained regarding the interpretation of the lease provisions and contractual rights of parties under Leases.) 20. That Beneficiary and any party entitled
to read this report will consider the Appraisal as only one factor together with many others including its own independent investment considerations and underwriting criteria or or other
observations, concerns or parameters in formulating its overall investment or operating decision. In particular, Appraiser assumes that the Beneficiary has made/obtained, relied upon
and approved the following, none of which was furnished by Appraiser unless otherwise agreed by Appraiser in writing, to wit: a. current survey of the Property showing boundary, roads,
flood plains, utilities, encroachments, easements, etc.; b. current title report of the Property with legible copies of all exceptions to title; c. any needed soil tests, engineer's
reports and legal and other expert opinions; d. abstract or other report of environmental conditions or hazards affection the Property; e. current visual inspection of the Property and
adequate study of its use, occupancy, history, condition and fitness for the purpose of underlying Beneficiary's request for this Appraisal; f. copies of current insurance policy, tax
statements, contracts, leases and notices affecting the Property; g. any needed estoppel certificates of tenants, mortgagee's or others claiming any interest in the Property; h. reports/opinions
of Beneficiary's staff, contacts, agents and associates; and 1. Owner's experience with the Property. 21. That Appraiser's projections of income and expenses are not predictions of the
future; rather, they are the Appraiser's best estimates of current market thinking about future income and expenses. (The Appraiser makes no warranty or guaranty that Appraiser's projections
will
succeed or materialize. The real estate market is constantly fluctuating and changing. It is not the Appraiser's task to predict or in any way forecast the conditions of a future real
estate market; the Appraiser can only reflect, without warranty what the investment community, as of the date of the Appraisal, envisions for a particular time without assurances in
terms of rental rates, expenses, capital, labor, supply, demand, ecology, etc.) 22. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. I (we) have not made
a specific compliance survey and analysis of this Property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance
survey of the Property, together with a detailed analysis of the requirements of the ADA, could reveal that the Property is not in compliance with one or more of the requirements of
the Act. If so, this fact could have a negative effect upon the value of the property. Since I (we) we) have no direct evidence relating to this issue, I (we) did not consider possible
non-compliance with the requirements of ADA in estimating the value of the Property. Special Note: This may not be adequate if "readily achievable" barrier removal items are obvious
and should have been identified.
COUNTY PARCEL DALLAS 1 EXHIBIT A Page 1 of 3 JANUARY 30,1996 HIGHWAY: Addison Transit Pass-Belt Line Road/Midway Road PROJECT LIMITS FROM: 360 feet north, 435 feet east, 460 feet south,
485 feet west of intersection CSJ: ACCT: 8050-18-034 8018-1-BEING 0.0854 acre of land, more or less, situated in the W. H. Witt Survey, Abstract No.1609 in the Town of Addison, Dallas
County, Texas, and being part of Lots 1, 2 and 3 of Goff Addition, an addition to the Town of Addison as shown on plat recorded in Volume 80005, Page 3044 of the Deed 'Records'of Dallas
County, Texas and being a part of that tract of land conveyed to Addison Beltway Joint Venture One as evidenced by deed recorded in Volume 84005, Page 6871 of .said Deed Records and
being more particularly described by metes and bounds as follows: COMMENCING at the northwest corner of Lot 2; THENCE South 00 degrees 08 minutes 03 seconds West, along the west line
of Lot 2, a distance of 166.59 feet to a 1/2· iron rod with cap marked AB&A set for the POINT OF BEGINNING in the proposed northerly right-of-way line of Belt Line Road; (1) THENCE,
along said proposed northerly line, North 88 degrees 48 minutes 57 seconds East a distance of 60.09 feet to a 1/2· iron rod with cap marked AB&A set for an angle point; (2) 􀁔􀁈􀁅􀁎􀁃􀁾
North 89 degrees 58 minutes 14 seconds East, continuing along said line, a distance of 114.75 feet to an ·x· cut in concrete set for the beginning of a curve to the 􀁬􀁥􀁾􀁴 having a
radius of 66.50 feet; (3) THENCE along said curve, through a central angle of 89 degrees 29 minutes 19 seconds, an arc distance of 103.86 feet (chord bears North 45 degrees 13 minutes
33 seconds East and is 93.62 feet in length) to an ·x· cut in concrete set at the end of said curve; (4) THENCE, continuing along said line, North 02 degrees 32 minutes 37 seconds East
a distance of 73.23 feet to an ·x· cut in concrete set for corner;
EXHIBIT A COUNTY PARCEL DALLAS 1 Page 3 of 3 JANUARY 30,1996 HIGHWAY: Addison Transit Pass-Belt Line Road/Midway Road PROJECT LIMITS FROM: 360 feet north, 435 feet east, 460 feet south,
485 feet west of intersection CSJ: ACCT: 8050-18-034 8018-1-yle Date ed Professional Land Surveyor This description accompanies right-of-way map of even date herewith. ARREDONDO, BRUNZ
& ASSOCIATES, INC. 11355 McCree Road Dallas, Texas 75238 (214)341-9900
APPRAISER'S CERTIFICATE The undersigned do hereby certify that, except as otherwise noted in the appraisal report: The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and
conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.
My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. My analyses, opinions, and conclusions were
developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. Mark A Hipes is currently certified under
the Texas Appraiser Licensing and Certification board. I have made a personal inspection of the property that is the subject of this report. No one other than signors provided significant
professional assistance in the preparation of this report. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or approval of a loan. Mark
A Hipes Texas Certification No. TX-1321416-G
Addison Transit Pass Partial Taking :..,:X=---_ TC131 Department of Tl3DIpOrtation Form D-1S-2-Rev.12-M REAL ESTATE APPRAISAL REPORT STATE DEPARTMENT OF HIGHWAYS AND PUBLIC TRANSPORTATION
Parcel Number Fina Project Number Address of Property SWC BeltlinelMidway, Addison,'Whole Taking Property Owner McCutchin Brothers JV Highway ,..."N:..,:./""-A-"--_ Address County =D:..::a:.o:llo=a,,
-s _ Occupant's Name Gas Station/Convenience Store Between Stations Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the fee simple title to
the real property to be acquired, encumbered by any easements not to be extinguished, less oil, gas and sulphur. If this acquisition is of less than the entire property, any special
benefits and damages to the remainder property must be included in accordance with the laws of Texas. Market Value may be defined as follows: "Market Value is the price which the property
would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of
the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future." Certificate of Appraiser
I hereby certify: That it is my opinion the total compensation for the acquisition of the herein described property is $ 69,552 as of 10-05-98 based upon my independent appraisal and
the exercise of my professional judgment; That on 10-05-98 (date)(s), I personally inspected in the field the property herein appraised; that I afforded through condemnor's attorney
, the property owner or his representative, the opportunity to accompany me at the time of the inspection; The comparables relied upon in making said appraisal were as represented by
the photographs contained in the appraisal supplement and were inspected on 10-05-98 & others (date)(s); That to the best of my knowledge and belief the statements contained in the appraisal
hereinabove set forth are true, and the information upon which the opinions expressed therein are based is correct, subject to the limiting conditions therein set forth; That I understand
that such appraisal is to be used in connection with the acquisition of right-of-way for a highway to be constructed by the State of Texas with the assistance of Federal-Aid highway
funds or other Federal funds, and that such appraisal has been made in conformity with the appropriate State laws, regulations, and policies and procedures applicable to appraisal of
right-of-way for such purposes, and that to the best of my knowledge no portion of the value assigned to such property consists of items which are noncompensable under the established
law of said State, and any decrease or increase in the fair market value of subject real property prior to the date of valuation caused by the public improvement for which such property
is to be acquired, or by the likelihood that the property would be acquired, for such improvement, other than that due to physical deterioration within the reasonable control of the
owner, has been disregarded in determining the compensation for the property; That neither my employment nor my compensation for making this appraisal and report are in any way contingent
upon the values reported herein; That I ,have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition of such property
appraised; and that should lor any employee in my service acquire any interest in or to the property appraised prior to the acquisition of the parcel by the State, I will immediately
notify the State of such interest or interests; That I have not revealed and will not reveal the findings and results of such appraisal to anyone other than the proper officials of the
State Department of Highways and Public Transportation of said State or officials of the Federal Highway Administration until authorized by State officials to do so, or until I am required
to do so so by due process of law, or until I am released from this obligation by having publicly testified as to such findings. 􀁜􀁾􀁊 􀁾 ("'c"J,.\ 􀁾􀁟 October 7,1998 ""'" i"--....-􀁾􀁾
􀀭􀀭􀀭􀀭􀀭􀀽􀀮􀀺􀀺􀀺􀀮􀀺􀀮􀀽􀀺􀀽􀀮􀀺􀀺􀀮􀁾􀁄􀀽􀀢􀁡􀀺􀀮􀀺􀀺􀀮􀁴􀀮􀀺􀀺􀀻􀀮􀁥􀀽􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭 􀁾􀁾􀁭􀁩􀁴􀁵􀁲􀁥 =.! Mark A. Hipes District Field Reviewer 1
Attach All Pertinent Photographs Local Address SWC Beltline Road/Midway Road, Addison, TIc. Taken by Mark A. Hipes Parcel No. 􀁾􀁆􀀮􀀺􀀮􀀮􀀺􀁩􀁮􀀮􀀺􀀮􀀺􀀺􀁡􀀽􀀭􀀭 _ Date Taken 􀀮􀀺􀀺􀀺􀀮􀀮􀀱􀁏􀀺􀀺􀀮�
�􀀮􀀮􀀭􀀢􀀢􀀢􀁏􀀽􀀭􀀵􀀭􀀮􀀮􀀮􀀮􀀻􀀻􀀮􀀹􀁾􀀸 _ 1. Point from which taken NE across intersection from sUbject Looking SW toward subject 2. Point from which taken North of the SUbject Looking
South at the SUbject 2
Parcel No. :..F..:.:in:.:.::a=--_ Attach All Pertinent Photographs Local Address SWC Beltline RoadlMidway Road, Addison, Texas. Date Taken .:..10=--...;:;0=-5-....::.9...;:;8 _ Taken
by Mark A. Hipes 3. Point from which taken Northwest corner of Take Looking East along the Take 4. Point from which taken Northeast corner of Take Looking South along the Take 2-i
Attach All Pertinent Photographs Local Address SWC Beltline RoadlMidway Road, Addison, Texas Taken by Mark A. Hipes Parcel No. =-.F=in=a _ Date Taken "'10:::...-..::::0;:..5-....::9..::::8
_ 5. Point from which taken South end of Take Looking North along the Take 6. Point from which taken _ Looking_ 2-ii
􀁴􀀮􀁘􀁈􀁉􀁾􀀱􀀱 .. 􀁾 .. R 0 A 0 􀁓􀁃􀁾􀁅 IN FEET 􀁾 I I _ 􀁾􀁟􀀬 􀁾􀁾􀁓􀂷􀁾􀁾􀁴􀀽􀀧􀀺􀀻􀀻􀁟􀀻􀀻􀀻􀀧􀀺􀀽􀁮􀁾􀁟􀁾􀁲􀀺􀀺􀁾􀁾􀁾􀁾􀁾􀁾􀀭􀀭􀁊􀀥􀀮 i , 1= I 51+00 N8g· 58'14"E o 20 40 eo 80
BELTLINE LINE TABLE -::i '/􀁾􀀺if iiII II, I 0".! o« o. 􀁾fan:: £'4 • It) N•ooz oo ui •... V2" I.R.S. W/AB8cA CAP SET CHORD CHORD BEARING LENGTH 03· 27'26"W 36.36' N45°13'35"W 44.40'
N02· 31'29"W 66.61' EXISTING Right-of-Way 􀀭􀁾• . .1 49.27' 31.50' CURVE TABLE 66.62' 908.50' 36.36' 891.50' MC LENGTH RADIUS LINE NO. BEARING DISTANCE T-2 89-35'05" 19.99' C-3 89· 36'32"
C-5." 􀁾􀀲􀀰􀀧􀀱􀀳􀀢 C-4 04.12'06" CURVE CENTRAL NO; ANGLE . . .. -.... ." . ." 􀁾􀀮􀁾􀁉􀀻􀀧 A PLAT OF A SURVEY OF A 5523 SF 􀀧􀀳􀁩􀁾􀀮􀁾 . '(0.1268 AC.> TRACT OF LAND IN THE ". 􀀮􀁾􀀮THOMAS
L. CHENOWETH SURVEY "-. ABSTRACT NUMBER 273 􀁾 -SAM'S CLUB ADDITION .6DDISON. DALLAS COUNTY. TEXAS 􀁮􀀬􀁾􀀬􀀢
Data on Whole Property Legal Description: A tract of land situated in the Thomas L. Chenoweth Survey, Abstract No. 273, in the Town of Addison, Dallas County, Texas. Dimensions: Irregular
feet x feet = 22,646 sq.ft. acres Location (Urban): Street & No. Southwest comer of Beltline Rd. & Midway Rd., Addison, Texas (Rural): _ _______ Land Grant Survey _ Neighborhood or Area
Analysis: See following pages labeled "Neighborhood Analysis" Highest and Best Use, Zoning and Site Analysis of Subject Property: See following pages labeled "Site Analysis", "Zoning"
& "Highest and Best Use". Cost Approach Whole Property $146,056 $----$----$----$----$---$----$----$----$----______ ft. @$ per ft. .. Less Depreciation ______ ft. @$ per ft. .. Less Depreciation
______ ft. @$ per _ Less Depreciation Estimated Reproduction Cost: Main Building: 1,395 sq, ft. @$139.60 per sq. ft. $194,742 Porches: N/A ft. @$ per ft. $ _ Total Reproduction Cost
,................... $194,742 Less Accrued Depreciation 25% . , ,. $ 48,686 Value Building Contributes to Whole Property , , . Other: l.See page 4-viii 3., _ 2., _ Landscaping $ See
pg. 4-viii Fencing $See pg. 4-viii; Walks & Drives $See pg. 4-viii . $146,585 Value Improvements Contribute to Whole Property , . $292,641 Land ,............. $..:..;18=.5"""0'--per
􀁾􀁓􀁆􀀬􀀬􀀭􀀭 ----,x 22,646 SF= $418,951 Estimated Value by Cost Approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $711,592 Furnish Comments
on Depreciation Factors: See pgs. 4-vii and 4-viii. See page 4-viii for a cost breakdown of site improvements. 4
NEIGHBORHOOD ANALYSIS The subject neighborhood can best be defined by area thoroughfares and geographic boundaries. The neighborhood is considered that area within the boundaries of
Quorum Drive to the east, Spring Valley to the south, Trinity Mills to the north, and Marsh Lane to the east. Location The subject neighborhood is located within the Town of Addison
in northern Dallas County. Portions of the cities of Dallas, Carrollton, and Farmers Branch are located within this neighborhood. The subject neighborhood encompasses significant commercial
development. The area of the subject neighborhoodis predominantly built up with a compatible mixture of commercial and residential uses. Thoroughfares and Access Interstate Highway 635 and the Dallas North Tollway provide the predominant
access to the subject neighborhood. These highways are presently eight lane and six lane concrete thoroughfares respectively. Interstate 635 provides outer loop freeway access throughout
the Dallas metropolitan area. The Dallas North Tollway provides thoroughfare access from the downtown region of Dallas to SH 121 in Collin County. Primary north-south access within the
subject neighborhood is provided by Quorum Drive, Addison Road, Midway Road, Marsh Lane and Josey Lane. Primary east-west access is provided by Spring Valley Road, Beltline Road, Keller
Springs, and Trinity Mills Road. In addition, there is in place a good quality infrastructure of secondary and collector streets which provide interior access within the neighborhood.
All of the above mentioned thoroughfares are important in relation to the subject neighborhood as these roads provide access throughout the area. The interior streets are generally either
two-lane asphalt or concrete paved roads with concrete curbs and gutters. The primary thoroughfares are typically divided concrete roads with concrete curbing and gutters. General neighborhood
access and thoroughfares are considered adequate. Due to some of the areas heavy traffic volumes, some of the thoroughfares are nearer to full capacity use during the peak traffic times.
Interstate Highway 35E is located to the west as it passes through the Cities of Dallas and Carrollton. This major highway provides access to the cities to the north and south of the
subject neighborhood. Surroundingsffrends in Development The subject neighborhood is approximately 85% developed and is comprised of a mixture of office, retail, commercial, and industrial
uses, with both single family residential and multi-family developments interspersed throughout. Entertainment and regional shopping developments are located in close proximity of the
subject neighborhood. Addison Airport is situated in the east-central portion of this area. New office and multi-family developments are proximate to, or located within, this area. The
Town of Addison is currently in the process of expanding it's events center adjacent to the east side of the Addison Airport. Social Considerations The subject's immediate neighborhood
is predominantly retail, office, and entertainment oriented in nature. 4-i
Commercial development is more concentrated along the primary access routes within the immediate neighborhood. Interior streets along the smaller collector streets tend toward residential
development and high-tech and industrial uses, where appropriate. While there is moderate space for future development, the current strong demand for major commercial development is
depleting this supply. This area benefits from its proximity to the confluence of the Dallas North Tollway and IH-635. Economic Considerations The most prominent economic base for the
subject area is associated with the office, retail, and commercial base of the Cities of Addison, Carrollton, and Farmers Branch which provides employment and services for most of the
north-central Dallas County area. North of Trinity Mills Road in, Collin and Denton County, there remains a higher percentage of vacant land for expanding development. The subject neighborhood
appears to be growing; however, large growth is expected to be somewhat limited due to the dwindling supply of land available for that development. Governmental Considerations The subject
neighborhood is located primarily in the Town of Addison. All utilities are conveniently located and available in adequate quantities to maintain and support full development in the
area. The area is in the Farmers Branch/Carrollton Independent School District. Environmental Considerations The subject neighborhood combined with the surrounding area provides a balanced
land use pattern. The terrain is flat to rolling and generally lends itself to most types of development. No significant flood plain areas are felt to have a significant impact on development.
No other adverse environmental conditions were noted in the subject area. Conclusion The subject neighborhood is located in the central portion of the Town of Addison, on one of the
most traveled streets, Beltline Road, in the area. The area is considered to have adequate access and amenities, given its commercial nature. This neighborhood is considered to be growing
with predominant land uses of a commercial nature and limited amounts of vacant land available for development. No major land use change is predicted in the near future within the subject
area.4-ii
Size: Shape: Access: Topography: Public Utilities: Eascments/Dccd Restrictions: Environmental Hazards SoiJ/Subsoil SITE ANALYSIS The whole property contains approximately 22,646 SF of
land according to information provided by the Town. According to the Town of Addison, it is likely that the size of this site would be permissible for it's current use if it were vacant
and available for development at the time of this appraisal. The subject site is near rectangular in shape with approximately 145' of frontage along the west side of Midway Road and
approximately 133' of frontage along the south side of Beltline Road. This site is the corner portion of what was originally a much larger site situated at the southwest quadrant of
Beltline Road and Midway Road. Note: The acquisition area may extend beyond the platted service station portion of the site to include land area properly situated on the restaurant site
to the south of the subject property. This could affect the land area estimates of the Remainder. The subject property has road access frontage from Midway Road by way of a ±15' drive
entrance near Beltline Road, and a ±36' drive entrance near the property's southern boundary along the west side of Midway Road. Additionally, there is a ±34' driveway from the south
side of Beltline Road to the west of the Beltline Road/Midway Road intersection. The subject site is approximately at grade with both Midway Road and Beltline Road, but above the existing
grade of the west adjacent property. The site is basically level across the majority of its surface, but slopes down to the west to meet the lower site grade of the adjacent developed
property. All normal public utilities are in place and of adequate supply to support the improvements on the subject site. None noted in documents provided to the appraiser. Typical
utility and access easements presumed in support of the site. The sUbject is a convenience store with gasoline sales. The subject has 4 underground fuel storage tanks. The condition
of these tanks is unknown, however no environmental problems were reported by the owner. No onsite environmental hazards were observed by the appraiser. No land use history or environmental
assessment of the subject site or surrounding area was made or provided the appraiser. The appraiser is not qualified to detect potential environmental hazards and a professional in
this field should be retained for this purpose. The estimated value derived herein is subject to any type of environmental conditions that may arise that would have an affect on the
value of the subject in the opinion of the appraiser. No investigation was made or provided the appraiser concerning the soil conditions on the subject property. It is assumed that the
soil and sub-soil .are suitable for development purposes. Development has occurred within the subject area on similar sites with similar soil conditions. 4-iii
Surrounding Development Special Conditions Development surrounding the subject property includes retail, restaurant, and service station uses. Various forms of commercial development
are adjacent to these uses. The immediate environs surrounding to the subject site to a considerable depth are considered to be commercial in nature. The SUbject service station was
originally constructed in the 1978 -1980 time frame on leased land as a Gulf service station. When Chevron acquired Gulf, the lease remained for the Chevron-Gulf service station. It
is estimated that the "mini-mart" improvements were constructed ± 10 years ago, with various equipment upgrades occurring over time. The service station is now leased to Fina for a service
station/mini-mart operation. ZONING The subject property is zoned "LR -66, Local Retail", for commercial use under the Zoning Ordinance of the Town of Addison. This zoning allows for
the current use of the subject site as a Fina mini-mart/service station. 4-iv
IDGHEST AND BEST USE The Highest and Best Use, as defined by Real Estate Appraisal Terminology, Ballinger publishing Company, Cambridge, Massachusetts (author Bryl D. Boyce, PH.D.),
Page 107, is as follows: . "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use,
from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in highest land value. The
definition immediately above applies specifically to the highest and best use of the land. It is to be recognized that in cases where a site has existing improvements on it, the highest
and best use may very well be detemlined to be different from the existing use. The existing use will continue, however, unless and until the land value in its highest and best use exceeds
the total value of the property in its existing use. " In applying the above definition of "Highest and Best Use" to the Subject property, an analysis of physical, social and economic
trends within the neighborhood was made. In addition to this analysis, the legal parameters associated with zoning ordinances, restrictions and building codes must be considered. The
physical, social and economic trends within the Subject area will be discussed in the "Neighborhood and Trends" section of this report. In summary, the subject is located at the northwest
corner of Midway Road and Beltline Road, in an area comprised of predominantly commercial land uses. These land use trends are not predicted to change in the near future. Physically
Possible Physically, the SUbject is a fairly small parcel of land which was originally platted out of a much larger parcel of land which encompassed a substantial portion of the southwest
quadrant of Beltline Road and Midway Road. There is a slope to the west from the subject. The basic site is characterized generally level surface. Access is adequate from Midway Road
at the northeast corner of the site and the southeast corner of the site, and is adequate from Beltline Road near the northwest corner of the site. As mentioned, the subject site was
a small portion of a surrounding retail/restaurant development. While small for a typical "free standing" mini-mart service station by current standards, the Town of Addison indicates
that utilization of the subject site for a mini-mart/service station would be reasonable, if the site were vacant and available for development. No adverse traffic conditions have been
noted which would limit such available use. Traffic circulation problems have not been noted by the Town. Legally Permissible The subject is zoned for commercial use under the Town of
Addison. Based on land use trends in the area, the present zoning classification is felt appropriate. 4-v
Commercial uses predominate in the neighborhood. Given the sUbject's location at the intersection of these thoroughfares, a commercial zoning is felt appropriate. Fmancially Feasible/Maximally
Productive In determining what uses would be financially feasible and maximally productive, economic factors must be considered. The whole of the subject site is developed with a convenience
store/gas sales store. Since area competition for smaller retail/commercial uses is strong, the site would be considered appropriate for some type of retail/commercial use. Conclusion
Based on the above factors, the estimated Highest and Best Use of the subject is for commercial/retail use given its present zoning. The estimated Highest and Best Use of the portion
of the subject that is improved with a convenience store/gas sales is its continued use as improved. 4-vi
COST APPROACH-WHOLE PROPERTY MINI MART CONVENIENCE STORE Marshall Valuation Service provides direct cost for Class "S" PreFabricated Food Booths" from Section 64, Page 1 as exhibited
below: The subject is felt to be in the "Excellent Cost" range.. I Direct Costs Cost Per SF I Excellent $126.56 Good $110.87 Average $ N/A Low Cost $97.21 Estimated Building Cost, Say
$126.56 Adjusted by Time Multiplier (1.06) $134.15 Adjusted by Local Multiplier (.86) $115.37 Indirect Costs: Fees, Misc. 10% $11.54 $126.91 Entrepreneurial Profit (10%) $12.69 $139.60
Total Estimated Direct Cost, Say $139.60 The above cost do not include landscaping, walks, drives, gas pumps, tanks, canopies or other site improvements. The costs do include coolers,
walk-in coolers, freezers and typical built-ins commensurate with the quality of the Food-Booth. Displays, counters, kitchen equipment and all other interior equipment are considered
personal property and are not included in the cost figures above or in the valuation estimate. Of particular note, the value of the wgoing concernwor business value is not included in
the valuation process. DEPRECIATION FACfOR The main building improvement located on the subject site is approximately 10 years old as estimated by the Town. Some of the existing site
improvements were used in conjunction with the reconstruction of the site to a mini-mart facility. Improvements suffer from normal physical deterioration. The economic age-life method
. of calculating depreciation will be utilized to estimate an applicable depreciation factor. This method is calculated by dividing the effective age of the improvements by their total
economic life. The total economic life of buildings such as the subject was estimated at approximately 40 years according to Marshall's Life Expectancy Guidelines (Sec. 97, pg. 6). The
effective age of the subject improvements was estimated at 10 years. Therefore, total depreciation was estimated as follows: 10 + 40 = .10, say 25% Depreciation estimates for the site
improvements are shown on the following page. 4-vii
SITE IMPROVEMENT COST BREAKDOWN SWC OF BELTLINE ROAD' MIDWAY ROAD, ADDISON, TEXAS SIZE/UNIT TOTAL DEPREC. ...... ITEM QUANITY COST COST , DEPREC. DEPREC. COST SOURCE 1) CANOPY (TOTAL
SF AREA) 2,700 $24.00 $64,800 25.00' $16,200 $48,600 Sec. 64, Pg. 2 n 2) FUEL TANKS (12000 gal. 2 $23,100.00 $46,200 50.00' $23,100 $23,100 Sec. 61, Pg. 5 3) ASPHALT PAVING 2,500 $2.00
$5,000 40.00' $2,000 $3,000 Sec. 61, Pg. 5 04) MP DISPENSERS (2 HOSE) 3 $7,150.00 $21,450 20.00' $4,290 $17,160 Sec. 64, Pg. 3 􀁾 5) YARD LIGHTS 5 $1,500.00 $7,500 20.00' $1,500 $6,000
Sec. 64, Pg. 3 +:0-􀁾 6) INTERNAL CURBING (Est. 250 $8.00 $2,000 20.00' $400 $1,600 Sec. 64, Pg. 3 I 7) AIR/WATER W/COMPRESSOR 1 $2,000.00 $2,000 60.00' $1,200 $800 Sec. 64, Pg. 3 g;
8) PIPING (fuel/air/water 1 $14,250.00 $14,250 40.00' $5,700 $8,550 Sec. 64, Pg. 3 9) PUMPS 2 $1,200.00 $2,400 40.00' $960 $1,440 Sec. 64, Pg. 3 0 10) SMALL SIGN 0 $0.00 $0 10.00' $0
$0 Sec. 64, Pg. 3 11) LARGE SIGN 1 $9,000.00 $9,000 10.00'" $900 $8,100 Sec. 64, Pg. 3 9 12) ELEC. TOTALIZER (Per 18 $1,200.00 $21,600 20.00' $4,320 $17,280 Sec. 64, Pg. 3 13) ISLANDS
(SF) 108 $7.00 $756 20.00' $151 $605 Sec. 64, Pg. 3 14) LANDSCP/ETC 1,000 $5.00 $5,000 20.00' $1,000 $4,000 Sec. 66, Pg. 7 15) TRASH ENCLOSURE 40 $15.00 $600 25.00' $150 $450 Sec. 66,
Pg. 2 16) CONCRETE PAVING (SF) 2,500 $2.95 $7,375 20.00' $1,475 $5,900 Sec. 64, Pg. 3 .........T. otal for all tanks/pumps/air Marshall's Valuation Service 146585
Appraiser's Check List Parcel No...F....:.:in.::a=-Local Address Southwest corner of Beltline Rd.lMidway Rd., Addison, TX Kind of Street 􀁾􀁃􀁏􀀽􀁮􀀮􀀺􀀺􀀺􀁯􀁣􀁲􀁾􀁥􀁾􀁴􀁥􀀺􀀺􀀮􀀮􀀮􀀮􀀮􀀮
_ Utilities, Water yes , Electricity 􀁹􀁾􀁥􀁾􀁳􀀬􀁟􀁟__-" Gas ,J..:.ye=s__-" Sewer 􀀮􀁊􀀭􀀧􀁹􀁥􀁾􀁳􀀬􀁟􀁟__-" Septic :.:.no:::...-_ Type of Building Mini-Mart No. of Units 􀁾􀁎􀀺􀀮􀁌􀀺􀀯􀁁􀁾
_ Type and Quality of Construction brick/glass store front Age 10 yrs. COndition...;G""-o""-o""'d=--__ No. Each Unit: Rooms N/A ; Bedrooms N/A ; Baths,...,:2::...... -' Closets N/A ;
Water Heaters N/A Gals 􀀮􀀱􀁯􀀮􀀺􀁎􀁾􀀯􀁁􀁾__ Interior: Type and Finish Walls Vinyl/metal Finished Floors,--'=T""'iI:.:e'__ _ Sub-Floors Concrete slab Doors Alum. frame/metal-glass Windows
Alum. framelplate glass Trim N/A 􀁃􀁡􀁢􀁩􀁮􀁥􀁴􀁳􀀮􀀮􀀮􀀮􀀺􀁎􀀢􀀢􀀧􀀯􀁾􀁁􀀽􀀭 _ Bath 􀁆􀁩􀁮􀁩􀁳􀁨􀀭􀀭􀀧􀁔􀀢􀀧􀀭􀀧􀁩􀀧􀀢􀀢􀁬􀁥􀀢􀀧􀀭􀀯􀁶􀀮􀀺􀀮􀀮􀀺􀁩􀀮􀀮􀀺􀀮􀀺􀁮􀁾􀁹􀁬􀀧􀁟􀁟 _ No, & Kind:-=2=--_
Plumbing 􀁆􀁩􀁸􀁴􀁵􀁲􀁥􀁳􀀮􀀮􀀮􀀮􀀮􀀺􀁔􀁹􀁾􀁰􀀽􀁩􀁣􀁡􀀽􀁉􀀺􀀮􀀮􀁟 _ Electrical Electrical Fixtures--,TvP"-oI-&:"",ica==..1 _ Type Wiring & No, 􀁏􀁵􀁴􀁩􀁥􀁴􀁳􀀭􀀭􀀧􀁔􀁶􀁐􀁾􀀻􀀮􀀮􀀺􀀮􀁩􀁣􀁡􀀽􀁉
_ Heating Central Cooling Central Insulation....:N:...:J/:..:.A-=---_ Studs "X'-----"O.c. Clg. Joists "X. "O.C. 􀁒􀁾􀁾 􀁾 􀁾􀁣􀀮 Roof Bracingo-=S:..:.te::.;;e;..:.l _ Type Roof and Condition
flat metal, good est. Foundation Concrete slab Sills X _ Floor Joists "X O.C. Siding N/A Porches...,:N""'/:..:.A..:....-_ Privacy 􀁁􀁲􀁲􀁡􀁮􀁧􀁥􀁭􀁥􀁮􀁴􀀮􀀮􀀮􀀬􀀺􀁎􀁾􀀯􀁾􀁁􀁾 _ Interior
COndition...;G=oo""-d=--_ Exterior COndition,...;G=oo:><,d=--_ Garage: Type and Construction & No. Cars 􀁏􀁵􀁴􀁢􀁵􀁩􀁬􀁤􀁩􀁮􀁧􀁳􀀮􀀮􀀮􀀮􀀺􀁎􀀧􀀢􀀢􀀯􀁾􀁁􀀮􀀮􀀺􀀮􀀮􀀮􀀮􀁟_ Walks Concrete
Drives Concrete Fences 100%....:N'-'J/:..:.A.=-_ 50% _ Trees & 􀁌􀁡􀁮􀁤􀁳􀁣􀁡􀁰􀁩􀁮􀁧􀁢􀀭􀀭􀀭􀀧􀀺􀁔􀁹􀁾􀁰􀀮􀀺􀀮􀀺􀁩􀁣􀀺􀀺􀀺􀁡􀁣􀀺􀀮􀀮􀁬 _ Miscellaneous Self serve gas equip. Physical
Depreciation Factors, General Condition of Improvements & Additional Remarks: See pages 4-x for depreciation estimates. The Mini-Mart has coolers and fixtures which which are considered
personal property. Freezer and cooler costs are included in the overall cost of the building. 5
Form D-L:;·: 'sketch nr lmprov €ments With Dimensions ::t: I, J 'I 'S'" 7;J-/Y1 (Iv 􀁩􀀬􀀮􀀺􀁪􀀧􀀺􀀺􀀧􀀱􀁾􀁃 3'1 ,􀁉􀀭􀀭􀀢􀀭􀁾􀀭􀀧1---------------+ I t L [<;"" I ,I.-.i: 􀁾􀁏􀁬 Ii,I\lI
, ----l
Market Data Approach Whole Property -Land Only Purchase Price of Subject Property 􀀤􀁾􀁎􀀮􀀮􀀺􀀮􀀻􀁯􀀢􀀢􀀧􀁴...Kn=o,,-,w.:.:.n:...-Date N/A Improvements Since Purchase and Estimated
Cost: None known Lease Terms or Rental Agreement: Not Disclosed Representative Comparable Sales Sale Parties (Details on 2S) Relative Location Yorkland to System 3/4 mi. W 2-98 55,626
SF Tippin to CNL 4 mi. NW 10-97 60,984 SF SEC to Exxon 1 mi. W 2-96 68,354 SF In Adjusting Sale Indicate Subject is * Compared To Sale For: Sale Price/SF: $13.48/SF $16.40/SF $18.65/SF
Time 10/98 +5% +10% +20% Location +20% +10% -5% Size -10% -10% -10% Access -0--0--0-Exposure -0--0--0-Zoning -0--0--0-Utilities -0--0--0-Topography -0--0--0-Indicates $15.57/SF $18.04/SF
$19.02 Explanation of Adjustments with Reconciliation See following pages *Positive adjustments indicate subject is superior to sale. Negative adjustments indicate subject is inferior
to sale. SEE FOLLOWING PAGE FOR EXPLANATION OF ADJUSTMENTS Indicated Unit Value: Indicated Site Value: Use Reverse Side or Additional Pages, If Necessary 7 $18.50/SF 22,646 SF X $18.50/SF
= $418,951 Estimated Value By Market Data Approach $ 418,951
EXPLANATION OF ADJUSTMENTS WITH RECONCILIATION The Highest and Best Use of the subject site as if vacant was estimated to be for commercial/retail use. The subject is zoned for commercial
use, and sales with commercial zoning and/or commercial highest and best uses were utilized for a value estimate. The subject appears to be platted out of the adjacent shopping center
for the purpose of a service station lease. The plat of the subject, and information supplied to the appraiser indicates approximately 25,600.39 SF of site area. The subject will be
valued on a square footage basis. The dissimilarities that exist when comparing the sales to the subject property must be adjusted for. The primary categories of adjustment are Property
Rights, Financing Terms, Conditions of Sale, Time (Market Conditions), Location and Physical Characteristics. None of the sales required adjustment for Property Rights Conveyed, Financing
Terms or Condition of Sale. TIME The sales transpired from February of 1996 to February of 1996. Market conditions appear to have improved during this time frame and upward adjustment
was made to each of the comparable sales to reflect the perceived upward pressure on land prices in the subject area. The "Time" adjustment will be applied first to each of the comparables
so that the sale prices will be in current dollars. The remainder of the adjustments to the comparables will be made cumulatively. LOCATION Location is a very important factor in the
subject neighborhood and surrounding area. certain areas of the neighborhood, as mentioned, command a higher per unit price than other areas and this must be taken into consideration.
The Yorkland to System Sale is located at the northwest corner of Business Avenue and Beltline Road. This corner is a minor controlled intersection to the west of the subject. Overall,
this corner location is deemed to be inferior to that of the subject and an upward adjustment is applied to this sale. A McDonalds restaurant has been constructed on this site. The Tippin
to CNL Sale is located at the southeast corner of Josey Lane and Keller Springs. This is a controlled intersection on two major secondary thoroughfares, but is deemed not to carry the
concentration of traffic as does the subject. Therefore, a moderate upward adjustment is applied to this sale. An Eckerd's Drug Store has been constructed on this site. The SEC to Exxon
Sale is located at the southeast corner of Beltline Road and Marsh Lane. Again, this location is at a controlled intersection of two major secondary thoroughfares. This location is judged
to be slightly superior to that of the subject, given the traffic volume and surrounding development. An Exxon minimart/service station in conjunction with a Wendy's restaurant has been
constructed on this site. PHYSICAL FEATURES Physical features include the tangible and intangible characteristics which dictate the possible or probable use of a property. Some of these
characteristics include zoning, availability of utilities (water, sewer, electricity, and gas), topography, shape, size, access and exposure. Some of the more important categories that
have a direct bearing on the final value estimate for the subject are size, access, exposure, zoning, topography and public utilities. Size The subject property is considered to be a
small size for commercial/retail uses. Typically larger "pad" sites 7-i
tend to be more flexible for convenient corner uses. For commercial uses, an optimum size parcel with better development utility may command more than a smaller site with less utility.
Consideration was given in this category for the subject's utilization as compared to the "typical" mini-mart/service station, which appear to be the preference in the current market.
All of the sales were larger than the subject and upward adjustments were made to reflect the perceived current market preference. Access Access is a key element in the success of a
commercial development. Easy and direct access to a property is felt to have a positive effect on its value. The subject has adequate frontage along both Midway Road and Beltline Road
to provide reasonable access to the site "as if" it were vacant and available for development. This situation is compatible with each of the comparable sales. All of the sales are considered
to have similar access and no adjustments were considered. Exposure Exposure is also a critical element which is necessary or advantageous for most types of commercial uses. Typically,
exposure to major freeway systems or other high volume traffic arteries commands a premium. The subject has good exposure from Midway Road and Beltline Road and is felt to be comparable
to the exposure available to each of the comparable sales. No adjustment were considered necessary for exposure. Zoning Zoning dictates the legal uses to which a property can be put.
Zoning classifications vary in criteria such as required setbacks, allowable building height, allowable floor area ratios, lot coverage, etc. The Highest and Best Use of the subject
was estimated to be for commercial/retail use. All of the sales were zoned or utilized for commercial uses and no adjustment was considered necessary. Public Utilities The subject property
and each of the comparable sales have access to all necessary utilities in sufficient quantities to support compatible developments. No adjustments are deemed warranted for this category.
Topography The subject has fairly good topographical features and is similar to all of the sales. No adjustments were made. RECONCILIATION After adjustments were made to the sales, an
indicated price per square foot range of $15.57/SF to $19.02/SF was derived. The corners most nearly similar to the subject indicated a range of ±$18/SF to ±19/SF. A final per-square-foot
price for the sUbject as a whole is estimated to be $18.50/SF. Therefore: 22,646 SF @$18.50/SF 7-ii = $418,951 (whole property-land value only)
MARKEr DATA APPROACH -LAND AND IMPROVEMENTS The Market Approach involves the comparison of similar properties that have sold to the subject property. This approach was utilized in estimating
the value of the subject's land. No truly comparable improved sales of convenience stores with gas sales could be found in the subject area or surrounding areas. Typically, sales of
convenience stores involve the sale of the business entity (inventory, good will, trade fIXtures, name) and the physical real estate. The segregation of these values is difficult to
verify with the associated parties to the transaction and cannot be abstracted by the appraiser with any accuracy. For this reason, this approach is considered inapplicable for use in
the valuation process. 7-iii
Income Approach Whole Property Justification of Gross Income, Rate and Method of 􀁃􀁡􀁰􀁩􀁴􀁡􀁬􀁩􀁺􀁡􀁴􀁩􀁯􀁮􀀺􀁾􀁓􀁾􀁥􀁾􀁥􀀺􀀮􀀮􀀮􀀺􀁣􀁾􀁯􀁾􀁭􀁾􀁭􀀽􀁥􀁮􀁾􀁴􀁾􀁳􀁾􀁢􀁾􀁥􀁾􀁬􀁯􀀽􀀺􀀮􀀮􀀺􀁷􀁾
_ Estimated remaining economic life of improvements _ Stabilized Gross Income. . . . . . . . . . . . . . . . . . . .. $ _ Vacancy % . . . . . . . . . . . . . . . . . .. $ _ Effective
Gross Income $ _ Taxes: 􀁃􀁩􀁾 $ _ State & 􀁃􀁯􀁵􀁮􀁾 .. . . . . . . . . . . . . . . . . . . . . . . .. $ _ Miscellaneous (School, etc.) . . . . . . . . . . . . . . . .. $, ___ Insurance:
Fire & Extended Coverage , $ _ Miscellaneous $. ___ Annual Deferred Maintenance , .. .. . .. $, ___ Management % $. ___ Operating Expenses ... . . . . . . . . . . . . . . . . . . . ..
$, ___ Other Expenses . . . . . . . . . . . . .. $ ___ Total Expenses before Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $. _ Net
Income to 􀁐􀁲􀁯􀁰􀁥􀁲􀁾 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $ _ Less Income Attributable to (Land) (Improvements)
$ _ @----% ..... $-----Income Attributable to (Land) (Improvements) $ _ Income Capitalized@%(, %Interest %forRecaptureof Capital). $ _ (Land) (Improvement) $-----ESTIMATED VALUE BY CAPITALIZATION
APPROACH $==== Additional Appraisal Information (Furnish Gross Rent Multiple Information for Dwellings) The utilization of the Income Approach for a mini-mart/service station was considered
limited in the subject area. Comparable lease data for convenience stores/gas stations within the area of the subject was not available for confirmation. Due to the limited market data
pertaining to rental rates on real estate only for buildings comparable to the subject, this approaCh was not considered in the valuation process. The subject site is leased to Fina.
No lease data was made available to the appraiser for evaluation and lease data for other similar sites which have sold recently in the market is not available. Therefore, deriving deriving
a reliable indication of value for the subject site via the Income ApproaCh is not viable. 8
Final Estimate of Value Reoonciliation of Approaches to Value: The Cost Approach was considered to be the only reliable approach to value due to the special nature of the improvements.
This approach estimated the replacement cost of the improvements less depreciation from all causes. The land value was estimated by the Market Approach which was felt to be a reliable
method of valuation for the land.This approach utilized sales for similar vacant land and adjustments were made for dissimilarities. The Income and Market Approaches for the valuation of the improvements were not considered
reliable due to the limited market data for operating convenience stores/service stations. Easements: . Existing Easement(s), if any, which is not to be extinguished in purchase of the
fee: See addendum Effect of such easement(s) on the value of the 􀁦􀁥􀁥􀀺􀀮􀀮􀀮􀀮􀀺􀁎􀀺􀀮􀀮􀀺􀀮􀁯􀁾􀁰􀁾􀁏􀀢􀀢􀀢􀁓􀁬􀁾􀂷􀁴􀀮􀁯􀀮􀀮􀀺􀁩􀁶􀀭􀀽􀁥􀀭􀀧􀁯􀀺􀀺􀀮􀀺􀁲􀀮􀀮􀀮􀀮􀀮􀀺􀁮􀀺􀀮􀀺􀀻􀁥􀀺􀀮􀀻􀁧􀀮􀀺􀀺􀁡􀁣
􀀺􀀺􀁴􀁩􀀢􀀧􀀭􀁶􀁥􀀽􀀭􀀽􀁥􀁾􀁦􀁴􀁩􀁾􀁥􀁣􀀻􀀺􀀻􀀻􀀮􀀺􀁴􀀧􀀭􀀭 _ Estimated Value of Whole Property, subject to above easement(s), if any 􀀤􀀮􀀮􀀺􀀮􀀮􀀷􀀺􀀺􀀺􀀮􀀮􀀺􀀱􀀱􀁾􀀬􀀵􀀬􀀬􀀭􀀬􀀹􀀬􀀢􀀬􀀬􀀲􀀬􀀭􀀭
_ Total .•.......................................................... 􀀤􀁾􀀷􀀱􀀻􀀻􀀬􀀻􀀻􀀺􀀱􀁾􀀮􀀵􀁾􀀹􀀲􀁾􀀽􀀽􀀽􀀭 Values of Component Parts --Whole Property Contributory Value of Improvements
Main Building 1,395 SF = 􀀤􀀬􀀽􀀮􀀱􀀴􀀮􀀮􀀺􀀮􀀮􀀺􀀶􀁾􀀬􀀰􀁾􀀵􀁾􀀶􀁾 _ Canopy 3,570 SF = $....;4:.;:::8=,6:.:::.;00"'--_ Fuel Tanks 2 = $....:2=3=,1:.;:;0-"-0 _ Dispensers 3 = $....:1::....:.7.>.::,1"
""6:.:::.;0 _ Air!Water 1 = $_..:::.80;:::,.:0::....-_ Piping = 􀀤􀀭􀀭􀀭􀀽􀀸􀀧􀀱􀀺􀀺􀀺􀀮􀀧􀀵􀀵􀀺􀀺􀀮􀀺􀀺􀀰􀁾 _ Pumps 2 = $--""1.z...:.4...:..40"--_ Signs 1 = 􀀤􀀭􀀭􀀭􀀽􀀸􀀬􀀢􀀢􀀢􀀱􀁏􀀢􀀢􀀰􀁾
_ EIec. Totaler 18 = 􀀤􀀮􀀮􀀮􀀮􀀺􀀱􀀺􀀮􀀺􀀮􀀷􀁾􀀬􀀲􀀺􀀺􀀺􀀺􀀺􀀸􀀺􀀺􀀺􀀺􀀮􀀰 _ Islands 108 SF = $_6;:::,.:0:::::5 _ Landscape,etc. 1,000 SF = 􀀤􀁟􀀴􀀮􀀮􀀺􀀮􀀢􀀬􀁾􀀰􀀰􀀢􀀬􀀬􀀰􀁾 _ Trash
Inclos. 40 LF = $_...:..45""'0::....-_ Concrete Pay. 2,500 SF = 􀀤􀁾􀀵􀀬􀁴􀀮􀀺􀀺􀀺􀀮􀀹􀀰􀀺􀀺􀀺􀀮􀀺􀀰􀁾 _ Asphalt Pav. 2,500 SF = 􀀤􀀬􀁾􀀳􀀬􀀢􀀢􀀧􀀰􀀰􀀢􀀢􀀰􀁾 _ Yard Lights 5 = $,-=6,""'00=0'--_
Curbing (int) 250 LF = 􀀤􀀬􀁾􀀱􀀬􀀢􀀢􀀧􀀶􀀰􀀺􀀺􀀺􀀮􀀺􀀺􀀰􀁾 _ Total Improvements . Contributory Value of Land . Total as a Unit . Total •.••.....•.•..................•.................•...........
Pages 10, 11, 12 and 13 should be omitted on whole takings 9 $292,641 $418,951 $711,592 $711,592
Data on Partial Taking Dimensions: 􀀮􀀮􀀮􀀮􀀺􀀺􀁓􀀺􀀮􀀮􀀺􀀺􀁥􀀺􀀺􀀺􀀮􀁥􀁾􀁰􀀺􀀮􀀺􀀺􀀮􀁧􀁾􀀮3:;:....". x = 2,700 sq. ft. Fee _____________________x = .sq. ft./acres Easement Whole Property:
The market value of the whole property is 􀀤􀀭􀀧􀀷􀁾􀀱􀁾􀀱􀀢􀀢􀀬􀀵􀁾􀀹􀀽􀀺􀀮􀁩 _ Part Taken: Considered as severed land, the market value of the fee simple title to the part being taken
for highway purposes -less oil, gas and sulphur and subject to existing easements, if any, which are not to be extinguished --is . . . . . . . . . . . . . . . . . . .. $ 68,802 (1) Remaining
Property: The market value of the remainder immediately before the taking is $ 642,790 (2) Considering the use to which the part taken is to be subjected to, the market value of the
remainder immediately after the taking is . . . . . . . . . .. $ 642,040 (3) Net Damages or (Net Enhancements), if any: " 􀀤􀁟􀁾􀀷􀀵􀀺􀀺􀀮􀀺􀀰􀁾 _ TotalCompemation 􀀤􀁾􀀶􀀽􀀹􀁾􀀬􀀵􀁾􀀵􀁾􀀲􀀽􀀽􀀽􀀽􀀽�
�􀀽 Appraisals of Part Taken and Remainder (1) Park Taken Highest and Best Use: Part of Whole-Commercial Use/Convenience Store Contributory Value of Improvements: Concrete 850 SF + Curbing
140 LF + Landscape/Sprinkler Vent Pipe Ident. Sign Light Standards (3) Total Improvements Land: Easement. --'acres/sq. ft.@_ Fee 2,700 sq. ft. @$18.50/SF = Total Land Total as a Unit:
$ 2,006 $ 896 $ 4,000 $ 250 $ 8,100 $ 3,600 $-----$------$18,852 $------$ 49,950 $49,950 $68,802 Vent pipes are located in the take area and the cost to relocate these items will be
considered the cost to cure functional obsolescence created by the loss. The cost to cure will be reflected in the valuation of the Remainder After The Take. 10
DESCRIPTION OF PART TAKEN The part taken consist of a fee taking of approximately 2,700 SF along the northern and eastern sides of the subject property. The take area does not constitute
a self sustaining economic unit within itself due to its shape and size and will be valued as a part of the whole. Note: The take area is irregu/or in shape and may not be wholly located
on the Fina site, but may extend to the south along Midway onto portions ofthe restaurant site. For the purpose ofthis valuation assignment, no distinction is made for this area possibly
outside the Fina site. The take line appears to outside of the monitoring wells on the site. A vent pipe for the underground fuel tanks and an identification sign is located within the
Take area. Virtually all of the landscape is located within the take area along the east side of the subject site. All of landscape value is placed on the landscape in the take area
to reflect 1) the nature of landscape located therein, and 2) to allow for the extra ordinary expense of the encompassed sprinkler system. It was estimated by the appraiser that the
relocation of the vent pipe to another location on the subject site would be feasible given the amount of available space. Costs for relocation of the above items will be considered
in the Remainder After Take section. lO-i
(2) Remainder Before Taking $146,056 $ 17,160 $ 1,440 $ 8,300 $ 800 $ 48,600 $ 23,100 $ 17,280 $ 605 $ -0-Pumps Piping Islands Dispensers Fuel Tanks Elec. Totaler Air{Water Canopy Signs
Highest and Best Use: Commercial Use/Convenience store/service station Contributory Value of Improvements: Main Bldg. Landscape, etc. Trash Enclosure $ -0-$ 450 Concrete Paving Asphalt
Paving Yard Lights Curbing (interior) Total Improvements Land: Easement. 􀁾􀁡􀁣􀁲􀁥􀁳􀀯􀁳􀁱􀀮 ft.@_ Fee 19,946* sq. ft. @$18.50/SF = Total Land Total as a Unit: $ 3,894 $ 3,000 $ 2,400
$ 704 $------$369,001 $273,789 $369,001 $642,790 $ 642,040 $ 369,001 $ 146,056 $ 48,600 23,100 17,160 800 800 8,300 1,440 17,280 605 450 3,894 3,000 2,400 704 ($ 750) $ 273,039 $------$369,001
704 605 450 1,440 2,400 3,894 3,000 8,300 17,160 23,100 17,280 Depreciated Cost $ 48,600 Reproduction Cost $---------Elec. Totaler (3) Remainder After Taking Highest and Best Use: Commercial
Use/Convenience store/service station Dimensions: X = ,sq. ft./acres Easement See pg. 3 X = 19,946* sq. ft/Fee (a) Cost Approach Remainder Afler Taking Contributory Value of Improvements:
Estimated Reproduction Cost Main Building 1,395 sg.ft. $139.60 per sg. f1. $194,742 􀁐􀁯􀁲􀁣􀁨􀁥􀁳􀀬􀁾􀁎􀀻􀀮􀀮􀀺􀀮􀀯􀁾􀁁􀁾 $. .per ft. $ _ Total 􀀤􀁾􀀱􀀹􀀺􀀺􀀮􀀮􀀮􀀴􀀬􀀭􀀬􀀭􀀷􀀬􀀬􀀭􀀬􀀴􀁾􀀲
_ Less Depreciation $_4=8=,6=8=6 _ Total Improvements Canopy Piping Islands Dispensers Fuel Tanks Pumps Concrete Paving Yard Lights Trash Enclosure Air{Water Curbing (interior) Asphalt
Paving Less Cost to Cure Functional Obsolescence Value Improvements Contribute to Remainder Land: Easement .-acres/sq. ft.@_ Fee 19,946* /sq. ft. @$18.50/SF = Total Land Estimated Value
of Remainder: Comments on Depreciation Factors: See pg. l1-i for "*,, note and comments. 11
REMAINDER AFIER THE TAKE Land Size: The Remainder size may not have been reduced by the 2,700 SF indicated in this figure as a portion of the Take may be situated on the adjacent property.
The 2,700 SF Take has been taken off of the Fina site size in an attempt for clarity. Due to the location of the vent pipes within the proposed ROW, this item will require relocation.
This requires plugging, testing, relocating, and reporting efforts, plus possible saw cutting. Relocation of this item is estimated to be physically possible and economically feasible.
The subject site has ample area within the driveway area at the northeast portion of the site to accommodate the relocation of the this item. Two engineering firms were contacted concerning
the probable cost of the plugging and relocation of these items; E A Engineering Science & Technology and USA Professional Services Group. A cost estimate to remove, plug, and relocate
the vent pipes was estimated at $1,000. Twenty-five percent of this amount was estimated by the appraiser to equate to the "improvement in the Take", and 75% of this cost was allocated
for the relocation. TOTAL ESTIMATED COST OF RELOCATION OF IMPROVEMENTS $3,750 This total cost will be charged as additional depreciation or the cost to cure the functional obsolescence
created by the take. ll-i
(b) Market Data Approach Remainder Mter Taking -Land Only Representative Comparable Sales Sale Parties (Details on 2S) Relative Location Yorkland to System 3/4 mi. W 2-98 55,626 SF Tippin
to CNL 4 mi. NW 10-97 60,984 SF SEC to Exxon 1 mi. W 2-96 68,354 SF In Adjusting Sale Indicate Subject is * Compared To Sale For: Sale Price/SF: $13.48/SF $16.40/SF $18.65/SF Time 10/98
+5% +10% +20% Location +20% +10% -5% Size -10% -10% -10% Access -0--0--0-Exposure -0--0--0-Zoning -0--0--0-Utilities -0--0--0-Topography -0--0--0-Indicates $15.57/SF $18.04/SF $19.02
Explanation of Adjustments with Reconciliation See following pages *Positive adjustments indicate subject is superior to sale. Negative adjustments indicate subject is inferior to sale.
SEE FOLLOWING PAGE FOR EXPLANATION OF ADJUSTMENTS Indicated Unit Value: Indicated Site Value: Use Reverse Side or Additional Pages, If Necessary 12 $18.50/SF 19,946 SF X $18.50/SF =
$369,001 Estimated Value By Market Data Approach $ 369,001
EXPLANATION OF ADJUSTMENTS WITII RECONCILIATION The Highest and Best Use of the subject remainder as if vacant was estimated to be for commercial/retail use. The subject is zoned for
commercial use, and sales with commercial zoning and/or commercial highest and best uses were utilized for a value estimate. The subject appears to be platted out of the adjacent shopping
center for the purpose of a service station lease. The plat of the subject, and information supplied to the appraiser indicates approximately 21,880.39 SF of Remainder site area. See
Note on Page 10-i. The subject will be valued on a square footage basis. The dissimilarities that exist when comparing the sales to the subject property must be adjusted for. The primary
categories of adjustment are Property Rights, Financing Terms, Conditions of Sale, Time (Market Conditions), Location and Physical Characteristics. None of the sales required adjustment
for Property Rights Conveyed, Financing Terms or Condition of Sale. TIME The sales transpired from February of 1996 to February of 1996. Market conditions appear to have improved during
this time frame and upward adjustment was made to each of the comparable sales to reflect the perceived upward pressure on land prices in the subject area. The "Time" adjustment will
be applied first to each of the comparables so that the sale prices will be in current dollars. The remainder of the adjustments to the comparables will be made cumulatively. WCATION
Location is a very important factor in the subject neighborhood and surrounding area. Certain areas of the neighborhood, as mentioned, command a higher per unit price than other areas
and this must be taken into consideration. The Yorkland to System Sale is located at the northwest corner of Business Avenue and Beltline Road. This corner is a minor controlled intersection
to the west of the subject. Overall, this corner location is deemed to be inferior to that of the subject and an upward adjustment is applied to this sale. A McDonalds restaurant has
been constructed on this site. The Tippin to CNL Sale is located at the southeast corner of Josey Lane and Keller Springs. This is a controlled intersection on two major secondary thoroughfares,
but is deemed not to carry the concentration of traffic as does the subject. Therefore, a moderate upward adjustment is applied to this sale. An Eckerd's Drug Store has been constructed
on this site. The SEC to Exxon Sale is located at the southeast corner of Beltline Road and Marsh Lane. Again, this location is at a controlled intersection of two major secondary thoroughfares.
This location is jUdged to be slightly superior to that of the subject, given the traffic volume and surrounding development. An Exxon minimart/service station in conjunction with a
Wendy's restaurant has been constructed on this site. PHYSICAL FEATURES Physical features include the tangible and intangible characteristics which dictate the possible or probable use
of a property. Some of these characteristics include zoning, availability of utilities (water, sewer, electricity, and gas), topography, shape, size, access and exposure. Some of the
more important categories that have a direct bearing on the final value estimate for the subject are size, access, exposure, zoning, topography and public utilities. Size The subject
property is considered to be a small size for commercial/retail uses. Typically larger "pad" sites 12-i
tend to be more flexible for convenient corner uses. For commercial uses, an optimum size parcel with better development utility may command more than a smaller site with less utility.
Consideration was given in this category for the SUbject's utilization as compared to the "typical" mini-mart/service station, which appear to be the preference in the current market.
All of the sales were larger than the subject and upward adjustments were made to reflect the perceived current market preference. Access Access is a key element in the success of a
commercial development. Easy and direct access to a property is felt to have a positive effect on its value. The subject has adequate frontage along both Midway Road and Beltline Road
to provide reasonable access to the site "as if" it were vacant and available for development. This situation is compatible with each of the comparable sales. All of the sales are considered
to have similar access and no adjustments were considered. Exposure Exposure is also a critical element which is necessary or advantageous for most types of commercial uses. Typically,
exposure to major freeway systems or other high volume traffic arteries commands a premium. The subject has good exposure from Midway Road and Beltline Road and is felt to be comparable
to the exposure .available to each of the comparable sales. No adjustment were considered necessary for exposure. Zoning Zoning dictates the legal uses to which a property can be put.
Zoning classifications vary in criteria such as required setbacks, allowable building height, allowable floor area ratios, lot coverage, etc. The Highest and Best Use of the subject
was estimated to be for commercial/retail use. All of the sales were zoned or utilized for commercial uses and no adjustment was considered necessary. Public Utilities The subject property
and each of the comparable sales have access to all necessary utilities in sufficient quantities to support compatible developments. No adjustments are deemed warranted for this category.
TopographY The subject has fairly good topographical features and is similar to all of the sales. No adjustments were made. RECONClLIATION After adjustments were made to the sales, an
indicated price per square foot range of $15.57/SF to $19.02/SF was derived. The corners most nearly similar to the subject indicated a range of ±$18/SF to ±19/SF. A final per-square-foot
price for the subject as a whole is estimated to be $18.50/SF. Therefore: 19,946 SF @$18.50/SF 12-ii = $369,001 (Remainder property-land value only)
(c) Income Approach Remainder Mter Taking Justification of Gross Income, Rate and Method of Capitalization: _ Estimated remaining economic life of improvements _ Stabilized Gross Income
$ _ Vacancy % $ _ Effective Gross Income $ _ Taxes: City. . . . . . . . . . . . . . . . . . . . . . . . .. $ _ State & County , $ _ Miscellaneous (School, etc.) . . . . . . .. $ _ Insurance:
Fire & Extended Coverage. . . .. . . .. $ _ Miscellaneous $ _ Annual Deferred Maintenance $ _ Management , $, _ Operating Expenses . . . . . . . . . . . . . .. $ _ Other Expenses $,
_ Total Expenses before Depreciation $ _ Net Income to Property $ _ Less Income Attributable to (Land) (Improvements) $ @% . ... $ _ Income Attributable to (Land) (Improvements) $ _
Income Capitalized@%(. %Interest %forRecaptureof Capital) $ _ (Land) (Improvement) $------ESTIMATED VALUE BY CAPITALIZATION APPROACH 􀀤􀁾􀀽􀀽􀀽􀀽􀀢􀀢􀀢􀀢􀀬􀀢􀁾􀁟 Additional Appraisal
Information (Furnish Gross Rent Multiple Information for Dwellings) See following page. Reconciliation and Final Estimate of Value -Remainder After Taking See following page. Use Reverse
Side or Additional Pages, if necessary 13
INCOME APPROACH TO VALUE -REMAINDER AFIER TAKE The utilization of the Income Approach for a mini-mart/service station was considered limited in the subject area. Comparable lease data
for convenience stores/gas stations within the area of the subject was not available for confirmation. Due to the limited market data penaining to rental rates on real estate only for
buildings comparable to the subject, this approach was not considered in the valuation process. The subject site is leased to Fina. The appraiser understands that the subject site lease
data is not available. Lease data for other similar sites which have sold recently in the market is not available. Therefore, deriving a reliable indication of value for the subject
site via the Income Approach is not viable. RECONCILIATION OF APPROACHES TO VALUE -REMAINDER AFIER TAKE The Cost Approach was considered to be the only reliable approaCh to value due
to the special nature of the improvements. This approach estimated the replacement cost of the improvements less depreciation from all causes. The land value was estimated by the Market
ApproaCh which was felt to be a reliable method of valuation for the land. This approaCh utilized sales for similar vacant land and adjustments were made for dissimilarities. The Income
and Market Approaches for the valuation of the improvements were not considered reliable due to the limited market data for operating special purpose convenience stores. As a result
of the take, the vent pipes would have to be relocated. The cost of this relocation was considered additional functional obsolescence or the cost to cure the functional obsolescence
created by the take. This cost to cure was deducted from the depreciated cost of the improvements for a final value estimate of the Remainder After the Take. A final estimate of the
value of the Remainder After Take is $642,040. 13-i
i 􀁇􀁾􀂷 􀁩􀀻􀁐􀁾􀁤􀀮􀁨􀁾􀀬􀀮􀀬􀁉􀀿􀀱􀀡􀁬􀁏􀁬􀁄􀁾􀀬􀁾􀁢 1 SALE MAP􀁾􀁇􀀷 􀀧􀀭􀀮􀁬􀀮􀀲􀀲􀁑􀀮􀁄􀀮􀁾􀁉􀀮􀀬􀁑􀀮􀀮 \/lag 14.00 :lun Oct 18 23:021998 :lcale 1:31 ,250 (at center) 2000 Feet
􀁾􀀮􀁟􀀭􀀭􀀭􀀭􀁟􀀮􀁟􀀭􀀭􀀭􀀭􀀻 1000 Meters --. Secondary SRlRoad/Hwy Ramp Population Center c:::::::=a Toll Highway County Boundary Utility/Pipe filii Water Railroad River/Canal J--_......---'K1
•... (-f: Point of Interest Small Town Park/Reservation Public Airport Intermittent River
Texas Department of Transportation ROW-RTA-5S 9-96 ROW Account 􀁾􀁎􀀡􀀮􀀮􀀺􀀮􀀮􀁉􀁁􀁾 _ Parcel No. 􀀺􀀭􀁆􀀺􀀮􀀺􀀮􀀮􀀺􀁩􀁮􀁾􀁡􀁟􀀺􀀭􀀭 _ Highway BeitlinelMidway County "",D""",al""la,,,-s
_ COMPARABLE DATA SUPPLEMENT Land Sale_x_ Improved Sale__ Rental Data__ Grantor!Lessor Yorkland Partners, LP Grantee/Lessee System Capital Real Property Corp. Address NW/c Beltline Rd.
& Business Ave., Addison, Tx. Date 02-17-98 Recording Information 􀀬􀀬􀀭􀀹􀀸􀁾􀀰􀀽􀀳􀀺􀀻􀀮􀀺􀀺􀀲􀀺􀀮􀀼􀀮􀀮􀀺􀀯􀀳􀀬􀀬􀀭􀀬􀀹􀁣􀀮􀀻􀀻􀀮􀀹􀀮􀀮􀀻􀀺􀀻􀀰 Key Map--=D=.----=1'-.:4..:..A=---_
Zip Code _ Legal Description Part of Block 2, Beltline-Marsh Business Pk Addn, Addison, Tx. Confirmed Price $ ..:..:75:::.;0"-'-,0"-'0::.:;0'--Verified With Rick Fambro, Broker, 972-985-0500
Terms and Conditions of Sale 􀀮􀀺􀀺􀀺􀁃􀁡􀀽􀁳􀁨􀁾􀁴􀁯􀀢􀀭􀀢􀀢􀁳􀁥􀀢􀁟􀀧􀁬􀁟􀀧􀁟􀀧􀀽􀁬􀁥􀀧􀁟􀀧􀁟􀁲 _ Rental Data ..:..N:.L.:/A:...::-_ Land Size .;;..55;;;..,,=62"'-6;;.....;;;.S"-F Unit
Price As Vacant $ c:..13:::..:oc...:.48:::.J./.::S..:..F _ Type Street -=C-=o.o.:n.::::cr'-"e=te=--Utilities All Available 􀁉􀁭􀁰􀁲􀁯􀁶􀁥􀁭􀁥􀁮􀁾􀁳􀀩 􀁄􀁥􀁳􀁣􀁲􀁩􀁰􀁴􀁩􀁯􀁮􀁾􀁎􀀭􀀽􀁯􀁾􀁮􀀮􀀺􀀺􀁥􀁟􀀽�
�􀁾􀁴􀁾􀁳􀁡􀁾􀁬􀁟􀀽􀁥 􀁾 Improvement(s) Size ..:..N:.<..:/A--=--__ (GBA)..:..N:.<..:/A--=--__ (NRA) Unit Price as Improved $ ..:..N:.<..:/A--=--_ Condition and Functional Design ..:..N:.L.:/A:...::-_
Current Use McDonalds Fast Food Intended Use -=C-=o.:..:.m=m:.;;.e=r..:;c=ia:.:..l _ Date of Inspection 􀀮􀀮􀀺􀀮􀀮􀀱􀁏􀀬􀀬􀀭􀀭􀁾􀀰􀁾􀀵􀀭􀀭􀀬􀀬􀀹􀁟􀀽􀀸􀀬􀀭􀀭 Zoning Commercial Flood Plain
..:..N:.;:o:.:.;n:.:::e _ Attach Additional Information _ Appraiser Mark A. Hires 10/05/98 (Typed, not signed) Date
texas uepanment ot Transponation ROW-RTA-5S 9-96 ROW Account 􀁾􀁎􀀺􀀡􀀮􀀮􀀡􀀮􀀯􀁁􀁾 _ Parcel No. .o...F""in,..a _ Highway BeltlinelMidway County 􀀽􀀺􀀮􀁄􀁾􀁡􀁬􀁾􀁬􀁡􀀢􀀬􀀭􀁳 _ COMPARABLE
DATA SUPPLEMENT Land Sale_x_ Improved Sale__ Rental Data__ GrantorlLessor Tippin's Restaurant, Inc. Grantee!Lessee CNL Retail DeveI., Inc. Address SE/c, Josey Ln. & Keller Springs, Carrollton,
Tx. Date 10-02-97 Recording Information .::...9-'-'71::..:9-=2L:a==2=8.:.2 Key Map-:D::...-...::;3.::;.S _ Zip Code _ Legal Description Lot 1R, Blk. 1, Plaza II of Josey Ranch Addn.,
Carrollton, Tx Confirmed Price $ .;;1,L.::0-"'-00-"-',=0.::;..00"--Verified With Robert Bourne, grantee, 407-422-1574 Rental Data 􀀽􀀮􀀮􀀮􀀺􀁎􀀢􀀭􀀧􀀯􀁁􀁾 _ Land Size .::;..60;::.J,.::...98:.::...4.:
....::;.S"'-F Unit Price As Vacant $ 􀀽􀀤􀀱􀀽􀀶􀁾􀀮􀀴􀀮􀀮􀀻􀀮􀀻􀀰􀀢􀀭􀀯􀁓􀀽􀁆􀀽􀁟􀁟_ Type Street 􀀮􀀮􀀺􀀺􀀻􀀻􀁃􀀮􀀮􀀺􀀺􀀻􀀻􀁯􀁾􀁮􀀢􀀢􀀧􀁣􀁲􀁾􀁥􀀮􀀮􀀺􀀮􀀻􀁴􀁥􀁾 Utilities All Available
Improvement(s) Description Restaurant at sale, demolished since Improvement(s) Size 􀁾􀁎􀀽􀀯􀁁􀀬􀀭􀀽􀀭􀀭__ 􀀨􀁇􀁂􀁁􀀩􀁾􀁎􀁊􀀮􀀮􀀮􀀺􀀮􀀯􀁁􀀭􀀽􀀭􀀭__ (NRA) Unit Price as Improved $ ::..;NJ...:./A....:.
-_ Condition and Functional Design Original improvements demolished Current Use Eckerd's Drug Store Intended Use .=:C:.:::o.o,:m.:.:,m.:,.:.e;:.:r-=c.:,:;;ia;.o.l _ Date of Inspection
.=.1.:::..0-....;;0._5....::-9....;;8=--Zoning Commercial Flood Plain =No-ne==-------Attach Additional Information Estimated $17,000 demolition cost paid by grantee Appraiser Mark A.
Hires 10-05-98 (Typed, not signed) Date
Texas Department of Transportation ROW-RTA-5S 9-96 ROW Account 􀁾􀁎􀀮􀁣􀀮􀀺􀀮􀀯􀁁􀀮􀀺􀀮􀀮􀀭 _ Parcel No. 􀁾􀁆􀁩􀀬􀀬􀀭􀀬􀁮􀀬􀀬􀀭􀁡 _ Highway I3eltlinelMidway County 􀁾􀁄􀀻􀀺􀀮􀁡􀁬􀁾􀁬􀁡􀀺􀀺􀀼􀀮􀁳
_ COMPARABLE DATA SUPPLEMENT Land Sale_x_ Improved Sale__ Rental Data__ Grantor!Lessor SEC Beltline & Marsh Ptnrs., LP Grantee!Lessee 􀀢􀀽􀁅􀀢􀀢􀁸􀁸􀀬􀀬􀀢􀀬􀁯􀁾􀁮􀀬􀀬􀀭􀀭􀀬􀀽􀀬􀁃􀀬􀀢􀀬􀀬􀀬􀁯􀀮􀀺􀀮􀀼�
�􀁰􀁾􀀮 _ Address SE/c Beltline & Marsh Ln., Addison, Tx. Legal Description Lot 1, Block 1, Exwen Addn., Addison, Tx. Date 02-05-96 Recording Information 􀀮􀀺􀀺􀀮􀀮􀀹􀀶􀀺􀀺􀀺􀀮􀀺􀀰􀁾􀀲􀁾􀀴􀁌􀀺􀀮􀀯􀁬�
�􀀮􀀺􀀺􀀺􀀳􀀮􀀮􀀺􀀺􀀮􀀮􀀹􀀸􀀢􀀬􀀭􀀭􀀭 Key 􀁍􀁡􀁰􀀮􀀮􀀮􀀮􀀺􀁄􀀺􀀺􀀮􀀮􀀮􀀭􀀮􀀮􀀮􀀮􀀺􀁬􀁾􀀳􀁟􀁄􀀧􀀭􀀭􀀭 _ Zip Code _ Confirmed Price $ .;;.1,>.=2;.:..7::...5,=0..=..00"-Verified With ..::G;..:.r:=;an:.:
:.;l""o:.::.;r _ Terms and Conditions of Sale .<..Al::::;I:....c::::a""s.:.,:.h...,t""'o..",s:,:::e.:.:.lI""'er'--_ Rental Data 􀀺􀀮􀀮􀀮􀀺􀁎􀀢􀀭􀂫􀁁􀁾 _ Land Size 􀀽􀀶􀀸􀀽􀀬􀀽􀀳􀀵􀀺􀀺􀀮􀀮􀀮􀀴􀀺􀀺􀀮􀀮
􀀮􀁓􀀽􀁆􀁾 Unit Price As Vacant Vacant $ 􀁾􀀱􀀸􀀺􀀺􀀺􀀮􀀺􀀮􀁾􀀶􀀵􀀺􀀺􀀮􀁌􀀨􀀢􀀢􀀬􀁓􀀢􀀬􀀭􀁆 _ Type Street ..::CO=n.,..cr:...::eo.:.;te::..-Ulilities All Available Improvement(s) Description
:...:N-=o.,:.:n..=..e..::;a:.::.;t-"'s:=;al:.:;e _ Improvement(s) Size .:.;N:L.:/Ae.:..-__ (GBA):...:N;.;.IA...:--__ (NRA) Unit Price as Improved $ ;:..;N:L:/A'-=--_ Condition and Functional
Design =-N'-'-'/A:...::..-_ Current Use Fast Food & Service Station Intended Use =.Sa::.::m=e _ Date of Inspection 􀁾􀀱􀁏􀀺􀀺􀀺􀀮􀀮􀀮􀀭􀁾􀀰􀀮􀀺􀀺􀀺􀀮􀀵􀀭􀀭􀀢􀀹􀀺􀀮􀁯􀀺􀀸 Zoning Commercial
Flood Plain =N-o.n.:e..::..:.:..::._------Attach Additional Information Joint development belween Exxon & Wendy's Appraiser Mark A. Hires 10-05-98 (Typed, nOl signed) Date
ADDENDUM Assumptions & Limiting Conditions Legal Description -Part Taken Title Policy/Sales HistorylEasements Certificate Qualifications
ASSUMPTIONS AND LIMITING CONDITIONS (Read Carefully) The following assumptions and limiting conditions are attached to and are made a part of this Appraisal (the "Appraisal") of the
subject property (the "Property") described in this Appraisal ("Appraisal") made by Hipes & Associates (the "Appraiser") at the request of the person or entity (the Beneficiary") to
whom and for whose exclusive use this Appraisal was prepared and delivered; and, this Appraisal is made by the Appraiser and accepted by the Beneficiary subject and strictly according
to the within assumptions and limiting conditions: 1. That legal and equitable title to the Property is good and merchantable and that title is held by the owner ("Owner") of the Property
in fee simple absolute forever, unless otherwise agreed by the Appraiser in writing. (No responsibility is assumed for matters legal or chance, nor is any opinion rendered as to the
title to the Property. The possible existence of any disputes, suits, assessments, claims, liens or encumbrances has been disregarded, and the Property is appraised as though free and
clear.) 2. That no survey of the Property has been made by the Appraiser and no responsibility is assumed in connection with any matters that may be disclosed by a current perfect survey
of the Property. (Dimensions and areas of the Property and comparables were obtained by various means including estimate and are not represented or guaranteed to be exact.) 3. That allocations
of value between land and improvements are applied only under the current program of occupancy and utilization, and are not made or intended to be used in conjunction with any other
appraisal and, if so used, are invalid. 4. That all information contained in this Appraisal is private and confidential and is submitted strictly for the sole use of the Beneficiary;
and, no other person or entity is entitled to read, use or rely upon the contents thereof. (Possession of the Appraisal or any copy thereof, does not carry with it the right of publication
or use. The Appraiser will not be required to give any testimony or appear in any court or other proceeding by reason of making or delivering the Appraisal without the prior written
approval of the Appraiser.) 5. That all information and comments pertaining to the Property and other properties is the personal opinion of the Appraiser formed after examination and
study of the Property and its surroundings; and, although it is believed that the information, estimates and analyses contained herein are correct, the Appraiser does not warrant or
guarantee them, and assumes no liability for errors in fact, analysis or judgement. (Any misinformation about the Property furnished to the Appraiser by the Beneficiary, at the option
of the Appraiser, may release the Appraiser from any liability and invalidate the Appraisal.) 6. That all opinions of value contained in the Appraisal are merely estimates. (There is
no warranty or guarantee, written or implied, made by the Appraiser that the Property is worth or will sell for the appraised value now or ever.) 7. That disclosure of the contents of
this Appraisal is governed by the Uniform Standards of Professional Appraisal Practice, and that, in addition, neither all nor any part of the contents of this Appraisal (especially
any conclusions of value, the identity of the Appraiser, shall be disseminated to the public through reports, proposals, brochures or any other means of
communication without the prior written consent and approval of the Appraiser. BENEFICIARY WILL NOT CAUSE, SUFFER OR PERMIT ANY PUBLIC DISSEMINATION OF TIllS APPRAISAL TO OCCUR AND,
BY ACCEPTING TIIIS APPRAISAL, BENEFICIARY INDEMNIFIES APPRAISER AGAINST ANY LOSS, COST, LIABILITY, DAMAGE OR CLAIM INCURRED WITIlOUT REGARD TO FAULT BY APPRAISER ARISING IN CONNECTION
WITH ANY SUCH UNAUTIIORIZED DISCLOSURE BY BENEFICIARY. 8. That there are no latent defects or any hidden or any unapparent conditions of the Property, subsoil, or structures which would
render the Property more or less valuable. (No responsibility is accepted or assumed by Appraiser for any such conditions or for analyses or engineering which may be required to discover
them.) 9. That no environmental impact or environmental condition studies were either requested or made in conjunction with this Appraisal unless otherwise agreed by Appraiser in writing
and shown in the Appraisal and the Appraiser hereby reserves the right to alter, amend, revise or rescind any of the value opinions included in this Appraisal based upon any subsequent
environmental impact or environmental condition studies, research, revelation or investigation. (In particular, unless otherwise agreed by Appraiser in writing, and shown in this Appraisal,
this Appraisal/Appraiser assumes that no violations of any environmental, or other, laws affecting the Property are pending or threatened against the Property and that no toxic waste,
hazardous materials or dangerous substances have ever been stored, used, produced,maintained, dumped or located on or about the Property.) 10. That the value of the Property is estimated on the basis that there will be no international or domestic political, economic,
or other adverse conditions or any military or other conflicts including strikes and civil disorders that will seriously affect overall real estate values. 11. That Beneficiary understands
that the real estate values are influenced by a large number of external factors, that the data contained in the Appraisal is all of the data that Appraiser considered necessary to support
the value estimate and that the Appraiser has not knowingly withheld any pertinent facts; and, Beneficiary has been advised and agrees that the Appraisal does not warrant, represent
or guarantee that Appraiser has knowledge or appreciation of all factors which might influence the value of the Property. 12. That due to the rapid changes in external factors affecting
the value of the Property, Appraiser's value conclusions are considered reliable only as of the date of the Appraisal. 13. That on all appraisals made subject to satisfactory construction,
repairs, or alterations of improvements, the Appraisal and value conclusions are contingent upon completion of such work on the improvements in a good and workmanlike manner, without
dispute, per plans, in code, as agreed and within a reasonable period of time. 14. That the value estimate of the Property assumes financially and otherwise responsible ownership and
competent management of the Property. 15. That the Appraisal consists of trade secrets and commercial or financial information which is privileged and confidential and exempted from
disclosure under 5 U.S.c. 533 (b) (4). (Please notify Hipes and Associates of any request for any reproductions of this Appraisal.)
16. That accurate estimates of costs to cure deferred maintenance are difficult to make or assess and that many different approaches or arrangements can be attempted or applied in various
ways. (Any estimates provided within this Appraisal represent reasonably probably costs given current market conditions, available information and the Appraiser's expertise. Further
deferred maintenance affecting the Property is considered to be limited to only those items, if any specified in detail, in the Property section of this AppraisaL 17. That the existence
of potentially hazardous materials used in the construction or maintenance of the Property such as urea-formaldehyde foam insulation, asbestos in any form, and/or other dangerous substances
or materials on the Property, has not been considered, unless otherwise shown in the Appraisal. (The Appraiser is not qualified to detect such material or substances and it is the responsibility
of the Beneficiary to retain an expert in this field, if desired.) 18. That the liability of the Appraiser and its officer, directors and employees, agents, attorneys and shareholders
is limited to the fee collected for preparation of the AppraisaL (Appraiser has no accountability or liability to any third party, except as otherwise agreed in writing by Appraiser
and such other party.) 19. That any projected potential gross income of the Property referred to in the Appraisal may be based on lease summaries provided by the Beneficiary, Owner or
third parties and Appraiser has not reviewed lease documents and assumes no responsibility for the authenticity, accuracy or completeness of lease information provided by others. (Appraiser
suggests that legal advice be obtained regarding the interpretation of the lease provisions and contractual rights of parties under Leases.) 20. That Beneficiary and any party entitled
to read this report will consider the Appraisal as only one factor together with many others including its own independent investment considerations and underwriting criteria or other
observations, concerns or parameters in formulating its overall investment or operating decision. In particular, Appraiser assumes that the Beneficiary has made/obtained, relied upon
and approved the following, none of which was furnished by Appraiser unless otherwise agreed by Appraiser in writing, to wit: a. current survey of the Property showing boundary, roads,
flood plains, utilities, encroachments, easements, etc.; b. current title report of the Property with legible copies of all exceptions to title; c. any needed soil tests, engineer's
reports and legal and other expert opinions; d. abstract or other report of environmental conditions or hazards affection the Property; e. current visual inspection of the Property and
adequate study of its use, occupancy, history, condition and fitness for the purpose of underlying Beneficiary's request for this Appraisal; f. copies of current insurance policy, tax
statements, contracts, leases and notices affecting the Property; g. any needed estoppel certificates of tenants, mortgagee's or others claiming any interest in the Property; h. reports/opinions
of Beneficiary's staff, contacts, agents and associates; and i. Owner's experience with the Property. 21. That Appraiser's projections of income and expenses are not predictions of the
future; rather, they are the Appraiser's best estimates of current market thinking about future income and expenses. (The Appraiser makes no warranty or guaranty that Appraiser's projections
will
05/19/98 16:03 :MA?-19-1998 16:03 214 672 2020 COLdLES AND THOMPSON PC. 214 672 2020 P.07/09 EXHIBIT A Page 1 of 3 COUNTY: Dallas HIGHWAY: Addison Transit Pass-Belt Line Road/Midway
Road PROJECT LIMITS: 360 feet north, 4JS feet east, 460 feet south, 485 feet west of intersection ACCOUNT: 8050-18-034 PARCEL: 2 ., "., . 􀀺􀀧􀁾.. .; 􀀬􀀬􀁾􀀮􀁊􀀮􀁟􀀧 BEING 0 􀀮􀀱􀁾􀀶􀀸
acre of land, more or lea., situated in 􀁴􀁨􀁥􀁔􀁨􀁯􀁭􀁡􀁾􀀢􀀺􀀧􀀺􀀧􀀺􀂫􀀺􀀧􀁾􀀧􀀿􀀻􀀧L. Chenoweth Survey, Abstract No.213 in the Town of Addison, Dallas County, Texas, and being part
of the rem.inder of that tract of land. conveyed to McCutchin Brothers Joint Venture as evidenced by deed recorded in Volume 77011, Page 0134 of said Deed Records and being more particularly
described by metes and bounds as follows: COMMENCING in the west line of the remainder of the Mccutchin tract at the southeast corner of the fifteen foot right-of-way dedication 8trip
for Belt Line Road shown on plat of Sam's Club Addition to the Town of Addison recorded in Volume 92109, Page 3687 of said Deed Records; . THENCE North 01 degrees 43 minutes 25 seconds
West, along the common line between said Addition and the remainder of the McCutchin tract, a distance of 4.35 feet to a 􀀱􀀯􀁾􀂷 iron rod with cap marked ABU set for the POINT OF BEGINNING
in the proposed southerly right-of-way line of Belt Line Road; (1) THENCE, continuing along saicl common lIne, North 01 degrees. 43 minutes 25 seconds West a distance of 10.65 feet to'
the', ." -􀀮􀁾􀀬􀀮􀀧 northwest corner of the remainder of the Mceutchin 􀁴􀁲􀁡􀀺􀁾􀀧􀁴􀁾􀀺.;';/..,:..􀁾􀀬􀀮􀁾􀀭􀀨 the same being the northeast. corner of said addition; .' ,; '-. -(2)
THENCE South 89 degrees 49 minutes S6 seconds East, along the southerly line of Belt. Line Road, a distance of 133.20' feet to the north end of a 􀁾􀁵􀁴􀁢􀁡􀁥􀁫 line to the west line
of old Dooley Road; (3) THENCE South 46 degrees 47 minutes 12 seconds East., along said cutback line, a distance of 43.'3 feet to the south end of said cutback line in the west line
of old DOOley Road; -(4) THENCE South 00 degree. 24 minutes 42 seconds East, along the west line of old Dooley Road, a distance of 145.00 feet;
05/151/518 , "MF=;Y-19-1998 16:03 16:03 214 672 2020 COWLES AND THOMPSON PC. 214 672 2020 8050-18-034 Parcel Number 2 Page 2 of3 (S) THENCE'South 89 degrees 3S minutes OS seconds West
a distance of 19.99 feet to the west line of Midway Road; (6) THENCE along said west line, South 00 degrees 24 minutes, S5 seconds East a distance of 55.30 feet to a 1/2-iron rod with
cap marked AB&A set in the curving proposed 􀁾􀁥􀁳􀁴 line of Midway Road;' ' (7) THENCE along said proposed west line, along a curve to the " ," left having a radius of 891.50 feet,
through a 􀁣􀁥􀁮􀁴􀁲􀁡􀁬􀀧􀁾􀁮􀁧􀁬􀁥􀀬􀀬􀀧􀀻􀀬􀁾 -;',:' of 02 degrees 20, minutes 13 seconds, an arc distance of ":": 􀁦􀀧􀁾􀀬􀀺􀀧􀀬􀀬􀀺􀀭􀀺􀀮􀀮􀁾􀁾􀁽􀀬􀀺 36.36 feet (chord bears North
03 degrees 37 minutes 28' " ::::. seconds West and is 36.36 feet in length) to a 1/2-iron rod with cap marked AB&A set in the curving proposed west line of Midway Road; (8) THENCE continuing
along said proposed west line, along a curve to the right having aradiu8 of 908.50 feet, through through a central angle of 04 degrees 12 minutes 06 seconds, an arc distance of 66.62
feet (chord bears North 02 degrees 31 minutes 32 seconds East and is 66.61 feet in length) to a PK nail set in the curving proposed west line of Midway Road; (9) THENCE Nortb 00 degrees
25 minutes 26 seconds West, along the proposed west line of Midway Road, a distance of 86.22 feet to an ·x· cut in concrete for the beginning of a curve to the left having a radius of
31.50 feet. (10) THENCE continuing along said proposed west line, along said, . curve , through a central angle 􀁯􀁾 89 degrees 36 minutes 32 , seconds, an 􀁡􀁲􀁾 distance of 49.26 feet
(chord bears North 45 degrees 13 minutes 35 seconds West and is .4.3' feet in " length) to a PK nail set in the proposed southerly 􀁾􀀱􀁲􀁩􀁥􀀬􀁯􀁦􀀧􀀭""." Belt Line Road; , 􀀺􀂷􀀺􀀺􀀺􀀧􀀺􀀭􀀼􀁩􀂷􀀼�
�􀀺􀀻􀀺􀁦􀀩􀀺 EXHIBrr A
214 672 2£'12£'1 COWLES AND THOMPSON PC. 214 672 2020 p.£'19/£'19 8050-18-034 Parcel NUm1:)er 2 Page J of 3 (11) THENCS South 89 degrees 58 minutes 14 seconds West, along. the proposed
southerly line of Belt Line Road , a distance of 109.06 feet to the POINT OF BEGINNING and containing 5523 square feet or 0.1268 acre of land, more or les8, of wbich . 2700 square feet
or 0.0620 acre of land lie within the . existing Midway Road, for a net area of 2823 square feet, or , 0.0648 acre of land, more or less. 􀁾 '. ·:-::.:'':-;j.:::jir .. This description
accompanies right-of-way map of even date herewith. -.-I􀁾.·........... ...-.". 􀁾 :.'"' .;-,' . ' ..-..... l 􀁾 • ," .. t l , 􀀬􀁾􀂷􀀮􀀰􀀮􀀮􀁾􀁴􀀯 '--...0: .... ",.." ", 􀂷􀀺􀀧􀀺􀀺􀂷􀀯􀀬􀀾􀀺􀁾􀁾􀀻􀀺
􀀶􀀺 ..,: .' .... Date , ....... . '.'. INC. Professional Land Surveyor ARREDONDO, SRONZ & ASSOCIATES, 11355 McCree Road Dallas, Texas 75238 (214)341-9900 EXlilBrr A'.:
APPRAISER'S CERTIFICATE The undersigned do hereby certify that, except as otherwise noted in the appraisal report: The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited oQly by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and
conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.
My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. My analyses, opinions, and conclusions were
developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. Mark A Hipes is currently certified under
the Texas Appraiser Licensing and Certification board. I have made a personal inspection of the property that is the subject of this report. No one other than signors provided significant
professional assistance in the preparation of this report. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or approval of a loan. 􀁾 􀁾􀁇􀀭􀁣􀀦􀀧
􀁾 􀁾 Texas Certification No. TX-1321416-G
,.; MARK A. HIPES Qualifications Location of Office 7557 Rambler Road, Suite 260, LB 25, Dallas, Texas 75231 Education Southern Methodist University * Bachelor of Business Administration
-Quantitative Analysis * Master of Business Administration -Finance Texas Real Estate Broker License -License No. 388907-26 Texas State Certified General Real Estate Appraiser -License
No. TX-1321416-G Appraisal Courses, Seminars American Institute of Real Estate Appraisers * Course ITa -Case Studies in Real Estate Valuation * Course IIb -Valuation Analysis & Report
Writing Society of Real Estate Appraisers * Course 101 -Principals of Real Estate Appraisal * Course 201 -Income Property Valuation * Course R2 -Report Writing Standards of Professional
Practice Various Seminars on Valuation & Litigation Experience 02/87 to Present 03179 to 02/87 09171 to 03179 Types of Properties Appraised Hipes & Associates Independent Real Estate
Appraiser Dallas County Department of Public Works Eminent Domain Appraiser Self Employed Financial AnalysislReal Estate Analysis Regional Malls Shopping Centers Office Office/Warehouses
Service Stations Industrial/Manufacturing Apartments FarmslRanches Proposed Developments Educational Facilities Automobile Dealerships Hospitals Railroads Churches Airports All types
of commercial/industrial properties and a variety of special use properties. Extensive work in Eminent Domain & other forms of litigation valuation Qualified as an "Expert Witness" in
County, District, & Federal Courts