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2008-08-01 omaha national bank
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CZ) W o 113) ® H O� z 0 ID U N z • • H coo rn 00 ct O bA 0 IN u � 7� o o C4 o +, to � 'd o o u 3 O �� c o � U bn� U1 r. 0 - +, bn. o 0 O 00 r} r- c'Md � � 7O > 4 Q cd 4i y, c O o 4-� 4-i O V) m 4-4 v) v O Ln O rn O ' crj ,.non ' O U N O .1 U O U ci F- M N + 00 Cd- 8 00 "o O \p c V1 0 o o 0 N o 0. C � N U pO p 0 00 0 O C 00 0 00 0 ro ~' b bA O Z Z CA V1 Z, a � U � U •--� U U� U U� � U 41 d bA bb Cd m pa Cd '27 pp H (D '," II. PROPER'T'Y DESCRIPTION History Bordered by the Missouri River on the east, Washington County played a strategic role in the settlement of the west. Captains Meriwether Lewis and William Clark held the first official meeting between representatives of the United States and leaders of the native Nebraskans on a flat bluff overlooking the Missouri River in Washington County. Later, based in part on the recommendation of Clark, this site became the home of Fort Atkinson, the first American fort west of the Missouri River. This fort would eventually include Nebraska's first school, farm, sawmill, hospital and library. Blair was named for its founder, John Insley Blair. Mr. Blair was a railroad man, one of the biggest of his time. John I. Blair selected the Carter Valley, which ran through the heart of what is now Blair, as the new route for the Sioux City and Pacific railroad, which would connect with the Union Pacific Railroad to the south. This course offered the easiest passage through the bluffs which skirted the river and the town of Blair was born. In September, 2000, Nebraska diplomats recognized Blair with their prestigious Outstanding Nebraska Community award. Location The City of Blair is located in the northeastern part of the State of Nebraska approximately 20 miles north of the City of Omaha and 80 miles south of Sioux City. Blair is the county seat of Washington County. Climate Blair has an average January temperature of 18.9 and an average July temperature of 75.8 °. The average annual precipitation is 28.79 inches, the average annual snowfall is 32 inches, and the average length of the growing season is 170 days. Blair has an elevation of 1,088 feet above sea level. Transportation Highways serving Blair include U.S. Highways 73, 75, and 30; and State Highways 91 and 133. U.S. Highway 30 travels east/west and intersects with Interstate 29 about 10 miles east of Blair, while State Highway 133 travels north/south and intersects with Interstate 680/80 about 18 miles south of Blair in Omaha. Blair acquired a new city airport at the Eagle Field Site, ten minutes south of the city on Highway 133. The fields have lighted beacons and runway lights and are open 24 hours a day. Hangers, tie downs, rest rooms, fuel and telephone services are available. -10- BLAIR, NEBRASKA (CONTINUED) Transportation (Continued) Eppley Airfield is 25 minutes south of Blair in Omaha, Nebraska and daily service is provided by many major carriers. The main line of the Union Pacific railroad (previously the Chicago and Northwestern Railroad) provides rail service of about 30 freight trips per day to Blair. The nearest piggy -back service is in Omaha. Time in transit to selected cities is shown in the following: CAY Miles Days by Rail Days by Truck Kansas City 225 1 1 Minneapolis 366 1 1 St. Louis 463 2 1 Denver 532 3 1 Dallas 668 4 2 New York 1,325 4 3 Los Angeles 1,733 2 3 Blair borders on the east with the Missouri River with a channel depth of 9 feet and an eight month season. There is a private barge dock available approximately two miles from the city. Population According to the U.S. Census Bureau, the population of the City of Blair and Washington County, Nebraska for 1990 and 2000 and estimates for 2004 is as follows: 1990 2000 2004 Blair 6,860 7,512 7,706 Washington County 16,067 18,780 19,605 According to statistics provided by the Blair Chamber of Commerce, Washington County is the 6 fastest growing county in Nebraska. Approximately 42% of Washington County residents live in Blair, while 16% live in Ft. Calhoun, Kennard, Washington, Arlington, and Herman. The remaining 42% are rural residents. Approximately 40% of Blair residents and 60% of Washington County residents commute outside of Washington County. -11- BLAIR, NEBRASKA (CONTINUED) Labor Force - Employment - Industry Unemployment statistics for Washington County for the past five years are as follows: The top 20 employers in Washington from largest to smallest are: Omaha Public Power District Cargill, Inc. Woodhouse Ford/Chrysler Wilkinson Manufacturing Blair Community Schools Memorial Community Hospital Mid - America Computer Corp. Good Shepherd Lutheran Home Unico Services Concrete Equipment Company HunTel Systems Dana College Crowell Memorial Home Washington County Courthouse Mutual of Omaha Foodliner, Inc. Arlington Public Schools Fort Calhoun Public Schools Great Plains Communications Electric Power Agricultural Manufacturing Automobile Dealership Fabrication Education Health Care Computer Billing Services Senior Care Manufacturing Telemarketing Education Senior Care Government Insurance Trucking Education Education T eiecommunications Houses of Worship There are Houses of Worship for most major religions in the City of Blair, including fifteen Protestant churches and one Catholic church located in Blair. There is also one Jehovah's Witness Kingdom Hall and one Tabernacle. -12- Total Labor Force Number Employed Number Unemployed Unemployment Rate December 2005 11,458 11,083 375 3.3% July 2005 11,811 11,420 391 3.3% 2004 Average 11,609 11,249 360 3.1% 2003 Average 11,147 10,813 334 3.0% 2002 Average 11,079 10,787 292 2.6% 2001 Average 11,193 10,896 296 2.6% 2000 Average T 10,855 10,592 263 2.4% The top 20 employers in Washington from largest to smallest are: Omaha Public Power District Cargill, Inc. Woodhouse Ford/Chrysler Wilkinson Manufacturing Blair Community Schools Memorial Community Hospital Mid - America Computer Corp. Good Shepherd Lutheran Home Unico Services Concrete Equipment Company HunTel Systems Dana College Crowell Memorial Home Washington County Courthouse Mutual of Omaha Foodliner, Inc. Arlington Public Schools Fort Calhoun Public Schools Great Plains Communications Electric Power Agricultural Manufacturing Automobile Dealership Fabrication Education Health Care Computer Billing Services Senior Care Manufacturing Telemarketing Education Senior Care Government Insurance Trucking Education Education T eiecommunications Houses of Worship There are Houses of Worship for most major religions in the City of Blair, including fifteen Protestant churches and one Catholic church located in Blair. There is also one Jehovah's Witness Kingdom Hall and one Tabernacle. -12- BLAIR, NEBRASKA (CONTINUED) Government Blair is a First -Class City governed by a Mayor /Council form of government. Eight Council members are elected by popular vote with two representatives from each of Blair's four wards. The Mayor is also elected for a four year term. Day to day operations are the responsibility of the City Administrator, an appointed position. The Blair Police Department has 15 full time officers and 4 part-time officers. The Washington County Sheriff s office has 40 sworn and non -sworn employees. The Blair Volunteer Fire Fighters Association is staffed by sixty dedicated volunteers and the Blair Volunteer Rescue Squad is staffed by 21 EMTs, 8 EMTDs and 2 first responders. Utilities - Communication Natural gas by Aquila and electricity is supplied by Omaha Public Power District. Water and sewer services are provided by the City of Blair. Local telephone service is provided by HunTel Systems' Blair Telephone Company. Education In 1989, Blair was one of 218 schools nation -wide to receive the National Award of Excellence, awarded the U.S. Department of Education. The Blair Schools are recognized by the Nebraska Department of Education as "Outstanding" and carry a "AA" accreditation rating. Dana College is a four -year liberal art college affiliated with the Evangelical Lutheran Church of America and was founded in 1884 by Danish immigrants. The campus of approximately 650 students is located on 150 acres overlooking Blair. The following colleges and universities are within a 30 minute drive of Blair: Metropolitan Community College, University ofNebraska at Omaha, Creighton University, Midland Lutheran College, Bellevue University, Grace University, Nebraska Methodist College, Clarkson College, College of St. Mary's, University ofNebraska Medical Center, and Methodist School ofNursing. -13 Grades Enrollment Blair High School 9-12 691 Otte Middle School 6-8 557 Arbor Park School 4-6 510 North, South and West Elementary Schools PreK - 3 514 Dana College is a four -year liberal art college affiliated with the Evangelical Lutheran Church of America and was founded in 1884 by Danish immigrants. The campus of approximately 650 students is located on 150 acres overlooking Blair. The following colleges and universities are within a 30 minute drive of Blair: Metropolitan Community College, University ofNebraska at Omaha, Creighton University, Midland Lutheran College, Bellevue University, Grace University, Nebraska Methodist College, Clarkson College, College of St. Mary's, University ofNebraska Medical Center, and Methodist School ofNursing. -13 BLAIR. NEBRASKA (CONTINUED) Recreation - Tourist Accommodations Recreational facilities available in the community include public tennis courts, public parks, public swimming pools, a country club, golf course and an indoor four screen movie theater. There is public access to the Missouri River approximately one mile east of Blair where swimming, fishing, water skiing, and motor boating are available. Blair's city camp ground is located at 19t and Nebraska Street. In addition to the Wilson Island Recreation Area near DeSoto National Wildlife Refuge in Iowa, there are many outstanding State Recreation areas within a one hour drive. The Blair YMCA is building a new facility completed in 2002. This 37,000 square foot community center includes a community meeting room, fitness center, children's play center, indoor swimming pool, gymnasium, and administration facilities. Medical Facilities Blair is served by the Memorial Community Hospital and Health System, which includes family practice clinics located in Blair, Tekamah and Fort Calhoun. The community also has two private nursing care homes, Good Shepherd Home and the Crowell Memorial Home. Medical personnel in the city include physicians, physician assistants, dentists, veterinarians, chiropractors, registered and practical nurses. Omaha hospitals are within 22 miles of the community. Summary Blair has maintained a stable to increasing population over the past several years. The growth rate for Washington County exceeds that ofthe community because of the popularity of country living on residential acreages near to Omaha. This choice in residential lifestyles is beneficial to the retail sector in Blair, although it is not reflective in the population of the community as such. This, combined with current local employers serving regional, national, and international markets, would point the City of Blair towards economic stability in the future. With the addition of the Omaha Public Power District Nuclear Plant and the Cargill Plant to the south of Blair, home sales and the general economics of the city has experienced a steady growth pattern. The subject property is located to the north of a planned commercial subdivision to be known as Hayden Place, a new ten lot subdivision that will be anchored by a Super Wal -Mart. Grading and site preparation is underway on the land which fronts on Highway 30/133. There is a dedicated right -of -way for a future road along the north side of this property adjoining the subject property on the south. Other land to the south and east is planned for residential subdivision use. -14- ANALYSIS OF SITE The subject properly is located at the southeast corner of Washington Street (Highway 30) and South 19` Street in the Central Business District of Blair. The land consists of two taxable parcels containing 36,725 square feet. The address of the property is 1865 Washington Street, Blair, Nebraska. Characteristics of the site are detailed as follows: 1. Physical Features a. Size /Dimensions - The subject consists of two taxable parcels with the land being irregular in shape. The total for the two parcels, as indicated above, is 36,725 square feet (subject to legal survey for exact area). b. Confi rum ation - The site is irregular in shape. Topography /Drainage - The site has level topography being at grade with the three adjoining streets (Washington Street, 19 Street, and Lincoln Street). d. Flood Plain - According to discussions with City officials and based on examination of the floodplain map, the land is not located in a designated flood hazard area. Access - Access to the subject is available from a driveway cut on Lincoln Street to the south. There is exit only from the three drive thru lanes to Washington Street on the north. f. Ground Stability - A soil analysis has not been furnished on the land. Therefore, no conclusion can be drawn as to the soil stability of the site. No responsibility is assumed as to the load - bearing capacity of the soil for future building improvements. 2. Legal a. Zoning Analysis - The subject property is zoned CCB, Central Business District. The property is presently being used for a branch bank facility. b. Conformance - At the present time, the site is being used for a branch bank facility, which is allowed within regulations for this District. C. Easements / Encumbrances /Moratoriums/Entitlements - A Title Certificate was provided on the property. Please refer to any easements pertaining to the property. d. Encroachments - From information provided and from my observation and inspection of the land, there do not appear to be any encroachments on the subject site. -15- ANALYSIS OF THE SITE (CONTINUED 3. Utilities a. Water /Sewer - City water and sewer is provided by the City of Blair. b. Natural Gas - Natural gas is provided by Aquila. C. Electric - Electricity is provided by Omaha Public Power District d. Trash - The City of Blair provides rubbish removal service and there is private trash haulers. e. Other - Telephone service is provided by Huntel. 4. Environmental - As stated in the Assumptions and Limiting Conditions to this report, I am not considered expert nor competent to assess environmental issues. Upon physical inspection of the property, no environmental hazards appeared "to the untrained eye ". 5. Improvements - There are building improvements located on the subject property. However, improvements are not being appraised as part of this summary appraisal. Please refer to the Addendum of this report for ground level photographs and a plat map pertaining to the subject property. -16- III. VALUATION BEFORE ACQUISITION HIGHEST AND BEST USE ANALYSIS All real estate value estimates must be supported by a conclusion as to the Highest and Best Use of a land tract. Highest and Best Use is considered in the economic sense and it is generally defined as the most profitable, likely use within the realm of reasonable probability to which a land tract can be put or adapted and for which there is a current market. The definition of Highest and Best Use, according to The Dictionary of Real Estate Appraisal, Fourth Edition, published in 2002, on Pages 135 and 136 is as follows: "Highest and Best Use. The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." "Highest and Best Use of Land or a Site as Though Vacant. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements." "Highest and Best Use of Property as Improved. The use that should be made of a property as it exists. An existing improvement should be renovated or retained as is so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one." Highest and Best Use as Though Vacant The subject site is irregular in shape and contains approximately 36,725 square feet. The land is being been used for commercial purposes for a branch bank facility. All potential uses of the property should be tested to see if they are legally permissible; that is, if they meet the private restrictions, zoning regulations, historic district controls, building codes, environmental regulations and other legal restrictive covenants which may affect the property. Private restrictions may prohibit specific types of uses and are usually made at the time the property is transferred. The subject property site is zoned CCB, Central Business District. These districts are intended to accommodate a variety of commercial uses. The current use of the land for a branch bank facility is permitted under the CCB District and is considered the highest and best use of the land. The second criteria of Highest and Best Use is determining what legally and permissible uses are physically possible. The physical characteristics of the site such as the size, shape and terrain can affect the development of the site. Other physical factors which can affect the development of a site include access, frontage and depth, location within a natural disaster (flood) area, and access to utilities. The site contains 36,725 square feet and is zoned CCB, Central Business District, and all utilities are available. This site is large enough to accommodate a variety of uses and the configuration would allow various designs and uses. -17- HIGHEST AND BEST USE ANALYSIS (CONTINUED Highest and Best Use as Though Vacant (Continued) The third criteria of Highest and Best Use is determining what legally and permissible and physically possible uses are financially feasible. This involves an analysis of market conditions, supply and demand study, and location to identify those uses which are desired by the market. Marketability implies that there is a reasonable number of potential buyers for the subj ect and that the price of the property is at a level affordable by the markets; and the property could be leased or sold over a reasonable period of time. All uses that appear likely to produce a positive return are regarded to be financially feasible. A use becomes financially feasible when the net revenue is sufficient to satisfy the required rate of return on the investment. Based on the information discussed, there currently is demand for land similar to the subject in the subject's market area. The fourth criteria of Highest and Best Use, maximally productive, is a more in -depth evaluation of all those uses which were found to be financially feasible. The use which results in a highest residual land value is regarded as the most profitable, thus resulting in the highest and best use of the land. Moreover, the potential highest and best use of the land is generally long -term land use, or usage expected to continue for the normal_ economic life o_fthe improvements, if any. From the analysis in the valuation section of this report, it appears that there is demand for commercial land in the Blair area. Considering these four criteria of legality, physical adaptability, financial feasibility, and maximum productive, I conclude that the subject's highest and best use is for commercial use. Highest and Best Use as Improved The property is owned and occupied by U.S. Bank Corporation and is improved with a branch bank building with attached canopied vehicle drive -thru banking lanes. The building contains a total area of approximately 4,072 square feet with full storage basement and has drive -thru vehicle banking lanes on the east side of the building and on -site parking south of the building. The building is functionally designed and constructed with average quality materials. The improvements add a significant contributory value to the overall property value. Considering that the subject's improvements are of legal use, within the current zoning regulations and that the improvements are functionally designed and constructed of average quality materials; and further considering that the commercial usage is similar to or compatible with other uses in the subject market area, I conclude that the commercial improvements add substantial contributory value to the site and represent the subject's highest and best use as improved. Location, zoning and traffic patterns combine to indicate that the highest and best use of the subject property is for commercial usage. Furthermore, the subject property's improvements are considered to constitute the highest and best use of the property. -18- APPRAISAL PROCESS There are three basic approaches utilized by appraisers in arriving at an estimated market value of any property. Each approach draws data from different segments of the market. The three approaches are: 1. Cost Approach 2. Sales Comparison Approach 3. Income Capitalization Approach Cost Approach The underlying assumption of the Cost Approach is the theory that an informed buyer is not willing to pay more for an existing property than the cost of constructing another of similar utility, provided that time is not an overriding factor. There are four steps in this approach. They are as follows: An estimate of land value. 2. Estimated cost new of all improvements. 3. An estimate of depreciation, from all causes, subtracted from the cost new. 4. The estimated depreciated value of the improvements is added to the estimated land value, to arrive at an indication of value by the Cost Approach. Sales Comparison Approach The underlying assumption of the Sales Comparison Approach is the theory that an informed buyer would pay no more for a property than it would cost to acquire another existing property with the same utility. In this approach, the appraiser compares similar properties which have recently sold to the subject property. Adjustments are made for the differences between the subject and the comparable sale. The differences are then either added to, or subtracted from, the sale price of the comparable property to arrive at an adjusted value for the subject property from each sale. In this approach, the appraiser always adjusts the comparable sale to the subject property. -19- APPRAISAL PROCESS (CONTINUED) Income Capitalization Approach The Income Capitalization Approach is a process in which anticipated income from the subject property is converted into an estimate of value. The steps taken are: 1. Establish an estimated gross economic rent for the subject property. 2. Estimate an allowance for vacancy and collection losses together with all expenses applicable to the property. Capitalize the resulting net income by an appropriate capitalization technique into an estimate of value. Only the land and site improvements being affected by the fee acquisition and temporary construction easement are being appraised. The building improvements are not being appraised as they are not affected by the land acquisition on the property. The highest and best use of the land, as discussed, is for commercial purposes. The Cost Approach and Income Capitalization Approach were not utilized in this appraisal because the improvements are not being appraised. I have used the Sales Comparison Approach (Land Sales Comparison Approach) as the most appropriate approach to estimate the land value of the subject property. -20- LAND VALUATION The estimate of the value of the subject site is best indicated by the direct comparison with sales of comparable sites. The best comparison is made with similar sites having the same general characteristics, in comparable locations. In order to estimate the value of the subject site, I considered sales of comparable commercial land in the Washington County area in Blair. In investigating this data, a search was made of public records and interviews were conducted with buyers, sellers, appraisers, real estate brokers, and others. After studying the compiled data, the appraiser selected several market transactions considered to provide the best indication of value for the subject land. These market transactions consisted of both larger and smaller tracts that were analyzed and compared with the subj ect site for various valuation factors, and served as a basis in estimating land value. Valuation factors considered the most applicable in the comparison process were: location, time of sale, size and shape, topography, frontage and depth, accessibility, utility of the site, corner influence, zoning, etc. In researching comparable land sales, I investigated commercial land sales in comparable areas in Blair. The Washington County Assessor was helpful and assisted with information on the sales. On the following pages are details of land sales I used for analytical and comparison purposes for estimating the value of the subject land: -21- LAND VALUATION (CONTINUED) Land Sale 1 Location: Southeast corner of 19 Street (Highways 30/75) and Ridgeview Road, Blair Nebraska Legal Description: Lot 3, Boulder Ridge Subdivision, a subdivision of Tax Lot 254 lying in the Southwest i / 4 of the Northeast' /4 of Section 14, Township 18 North, Range 11 East of the 6th P.M., Washington County, Nebraska (long metes and bounds description) Document: Corporate Warranty Deed; Book 512, Pages 656 -658 Date of Sale: July 11, 2007 Grantor: LMP Enterprises, L.L.C. Grantee: Gretna West, L.L.C. Sale Price: $233,935 Financing: Cash to Seller Verified By: Mark Lamb with Gretna West, L.L.C., and Real Estate Transfer Statement Form 521 Land Size: irregular, 52,272 square feet Price /SF: $4.48 Zoning: CCB, Central Business District Comments: This tract of land is located at the southeast corner of 19' Street ((Highways 30/75) and Ridgeview Road in the south section of Blair. It is part of a three lot subdivision and the land lies slightly above the highway. The land slopes slightly downward from east to west. Ridgeview Road ends in a cul de sac to the east. There is a new multi -tenant commercial building under construction on the site. -22- LAND VALUATION (CONTINUED) Land Sale 2 Location: 1114 Washington Street, Blair Nebraska Legal Description: Part of Lots 1, 2, 3, 4, 5, 6, 7, and 8, Block 32, City of Blair, and also Tax Lots 141 and 238, said City of Blair, all located in Section 12, Township 18 North, Range 11 East of the 6 th P.M., Washington County, Nebraska (long metes and bounds description) Document: Warranty Deed; Book 512, Pages 749 -753 Date of Sale: June 29, 2007 Grantor: Ben -Shin Wang and Luh- Hsiang Wang, husband and wife; and Shiang -Min Wang and Yao -Li Wang Grantee: O'Reilly Automotive, Inc. Sale Price: $185,000 Financing: Cash to Seller Verified By: Nicole Hughes and Real Estate Transfer Statement Form 521 Land Size: 43,940 square feet Price /SF: $4.21 Zoning: CCB, Central Business District Comments: This tract of land is located on the north side of Washington Street between 1 lth Street and 12 Street. The land is irregular in shape, having approximately 220' of frontage and depth of 198'. The land lies slightly above Washington Street and slopes slightly downward from north to south. The land is now improved with a new commercial building occupied by O'Reilly's Auto Parts. -23- LAND VALUATION (CONTINUED) Land Sale 3 Location: Northwest comer of 13 and Washington Streets, Blair Nebraska Legal Description: Part of Lots 1 through 15, inclusive, Block 33, City of Blair, together with part of Tax Lot 106, all in Section 12, Township 18 North, Range 11 East of the 6 P.M., as platted and recorded in the City of Blair, Washington County, Nebraska (metes and bounds description) Document: Personal Representative Deed; Book 509, Pages 469 -470 Date of Sale: April 25, 2007 Grantor: Ray Rosterman, Personal Representative of the Estate of Arnold K. Rosterman, Deceased Grantee: Village Development - Blair, L.L.C. Sale Price: $376,500 Financing: Cash to Seller Verified By: Village Development - Blair, L.L.C., and Real Estate Transfer Statement Form 521 Land Sae: 77,290 square feet Price /SF: $4.87 Zoning: CCB, Central Business District Comments: This tract of land is located at the northwest corner of Washington Street and 13' Street in the eastern section of Blair. The land is irregular in shape and is at grade with the adjoining streets. It lies slightly above Washington Street and slopes slightly downward from north to south and west to east. The land is being improved with a new commercial building to be occupied by Walgreens. The land was previously occupied by mobile home pad sites. -24- LAND VALUATION (CONTINUED) Land Sale 4 Location: 555 South 19 Street, Blair Nebraska Legal Description: Part of Lots 2, 3, and 4, Brunton's Addition to the City of Blair, Washington County, Nebraska (metes and bounds description) Document: Corporation Warranty Deed; Book 502, Pages 245 -246 Date of Sale: December 26, 2006 Grantor: B.B. Capade, Inc. Grantee: Two Rivers State Bank Sale Price: $559,900 ($99,900 + $450,000 + $20,000 to remove older buildings) Financing: Cash to Seller Verified By: Two Rivers State Bank and Real Estate Transfer Statement Form 521 Land Size: 77,101 square feet Price /SF: $7.26 Zoning: CH, Commercial Highway Comments: This tract is located at the southwest corner of South 19" Street (Highway 30/75) and South Street. The property was improved with multiple residences, along with a storage warehouse building on one of the parcels and a motel and multiple residences on the other parcel. Two Rivers State Bank has razed the building improvements and removed them and the land is now being improved with a new two -story bank building to be occupied by Two Rivers State Bank. The land is level and at grade with the adjoining streets. -25- LAND VALUATION (CONTINUED) Land Sale 5 Location: Southeast corner of 10" and Washington Streets, Blair Nebraska Legal Description: Part of Lots 5 and 6, Block 85, Fourth Addition, AND all of Lots 7, 8, and 9 along with part of Lots 4, 5, and 6, along with all of the vacated alley lying adjacent to Lots 4 through 9, and all lying in Block 85, Fourth Addition to the City of Blair, Washington County, Nebraska (long metes and bounds description) Document: Warranty Deed; Book 499, Pages 199 -200 Date of Sale: September 28, 2006 Grantor: M.G.A. Realty I, L.L.C. Grantee: GACT Enterprises, L.L.C. Sale Price: $225,000 Financing: Cash to Seller Verified By: GACT Enterprises, L.L.C., and Real Estate Transfer Statement Form 521 Land Size; Approximately 180'x 187'= 33,599 square feet Price /SF: $6.70 Zoning: CCB, Central Business District Comments: This parcel of land is located at the southeast corner of Washington Street and l O t " Street in the eastern section of Blair. The land is next door to a McDonald's fast food restaurant and is directly across the street from a Burger King fast food restaurant. The land is level and at grade. The east portion of the site has a new tunnel automatic car wash being completed and the west part of the site on the corner will be improved with a convenience store and gasoline service facility. This land was purchased earlier by the grantors in May of 2004 for $180,000, which is equal to $5.36 per square foot. -26- LAND VALUATION (CONTINUED) The five land sales listed in detail and considered most persuasive in valuing the subject property occurred over the time frame of September, 2006, to July, 2007. The land size varies from a low of 33,599 square feet for Sale 5 to a high of 77,290 square feet for Sale 3. The sale price per square foot range for the five sales was from a low of $4.21 per square foot for Sale 2 to a high of $7.26 per square foot for Sale 4. Please refer to the statistical analysis of the five sales preceding where I have derived an arithmetic mean, standard deviation, 68% confidence interval, weighted mean, range low, and range high. After analysis and study, the five land sales considered most persuasive were adjusted in detail to the subject property. Analysis of Comparable Land Sales in Comparison to Subject Site Pertinent data, together with appropriate adjustments, will be included in the following discussion. Upward adjustments mean the comparable is inferior to the subject while downward adjustments reflect the opposite. In analyzing the sales data, the sales price per square foot of site area has been selected as the most persuasive unit of comparison. -27- Summary of Land Sales Sale Location Date of Sale Land Size (SF) Sale Price Zoning Total Per SF 1 SEC 19' and Ridgeview Road 7/07 52,272 $ 233,935 $4.48 CCB 2 1114 Washington Street 6/07 43,940 185,000 $4.21 CCB 3 NWC 13' and Washington Streets 4/07 77,290 376,500 $4.87 CCB 4 555 South 19" Street 12/06 77,101 559,900 $7.26 CH 5 SEC 10' and Washington Streets 9/06 33,599 225,000 $6.70 CCB Totals 284,202 $1,580,335 The following statistical observations apply: Arithmetic Mean $5.50 Standard Deviation $1.38 68% Confidence Interval From $4.12 To $6.89 Weighted Mean $5.56 Range Low $4.21 Range High $7.26 The five land sales listed in detail and considered most persuasive in valuing the subject property occurred over the time frame of September, 2006, to July, 2007. The land size varies from a low of 33,599 square feet for Sale 5 to a high of 77,290 square feet for Sale 3. The sale price per square foot range for the five sales was from a low of $4.21 per square foot for Sale 2 to a high of $7.26 per square foot for Sale 4. Please refer to the statistical analysis of the five sales preceding where I have derived an arithmetic mean, standard deviation, 68% confidence interval, weighted mean, range low, and range high. After analysis and study, the five land sales considered most persuasive were adjusted in detail to the subject property. Analysis of Comparable Land Sales in Comparison to Subject Site Pertinent data, together with appropriate adjustments, will be included in the following discussion. Upward adjustments mean the comparable is inferior to the subject while downward adjustments reflect the opposite. In analyzing the sales data, the sales price per square foot of site area has been selected as the most persuasive unit of comparison. -27- LAND VALUE ESTIMATE (CONTINUEDI Analysis of Comparable Land Sales in Comparison to Subject Site (Continued) Estimated adjustments of the various land sales include: Property Rights Conveyed: This adjustment category is generally used to reflect different property rights, such as leased fee or fee simple. All of the comparables involved the transfer of fee simple rights, consequently, no adjustment was required for this factor. Financing Terms: This adjustment factor is generally used to reflect a property, which transfers with atypical financing such as assuming an existing mortgage at a favorable interest rate. Conversely, a property may be encumbered with a mortgage above market rates, which has no prepayment clause or a very costly prepayment clause. All of the comparables transferred at market or equivalent terms and no adjustment was necessary. Conditions of Sale: This adjustment category is generally used to reflect extraordinary motivations of the buyer and the seller. An example includes purchasing for assemblage where there may be anticipated incremental value, quick sale for cash - could be distress related, corporate recording at non - market price and many other circumstances. All of the comparables were arm's - length, open market transfers and no adjustments were considered necessary for sale conditions. Market Conditions: This adjustment factor is generally used to reflect market differences occurring between the sales date of the comparable and the effective date of the appraisal where values have been affected. The five land sales occurred over the time frame of September, 2006, to July, 2007. From my analysis of the commercial market in Blair, it appears that there has been approximately a 3% upward adjustment on an annual basis for commercial land sales in this neighborhood area of the subject. Therefore, all of the sales required upward adjustments for time of sale with the most adjustment being made to Sales 4 and 5. Location: This adjustment category.generally embraces both general neighborhood influences, as well as the site's access and visibility from main thoroughfares. Adjustments can be considered based upon current rent levels which could be achieved in each property in relative comparison to the subject. The subject property has a superior location than any of the five sales since it is located at the convergence and corner of 19' Street, which is Highways 30/75 and the main business street of Blair, which is Washington Street. In comparing the subj ect to the comparables, all of the sales were considered to be inferior and were adjusted +20%, +25 %, +25 %, +10 %, and +25 %, respectively. Access and Visibility: This has to do with the access to the property, along with the visibility from adjoining streets. The subject property has visibility from both Washington Street, the main business street in Blair, and Highways 30/75. In comparing the sales to the subject, Sales 1, 2, and 3 were considered to be inferior and were adjusted +10 %, +5 %, and +5 %, respectively. Sales 4 and 5 were considered to be approximately equal and did not require adjustment. -28- LAND VALUE ESTIMATE (CONTINUED) Analysis of Comparable Land Sales in Comparison to Subject Site (Continued) Size and Shape: This adjustment has to do with the frontage and depth along with whether it is a square parcel, rectangular parcel, or a triangular parcel. In addition, larger parcels generally sell for a lower price per square foot unit than smaller parcels when all other value factors are considered to be equal. In comparing the sales, Sales 1, 2, 3, and 4 were larger than the subject property and were adjusted +10 %, +5%,+20%, and +20 %, respectively. Sale 5, although slightly smaller, was considered to be approximately equal and did not require adjustment. Topography: This adjustment has to do with the lay of the land, whether it is level, sloping and /or has good level topography in relation to surrounding properties and adjoining streets. In comparing the sales to the subject, Sales 1, 2, and 3 were inferior and were adjusted +10 %, +10 %, and +5 %, respectively. Sales 4 and 5 were considered to be equal and no adjustment was required. Floodplain: This has to do whether any of the land is floodplain oriented and is not considered to be as good as land located outside of a floodplain area. None of the sales had have floodplain issues and no adjustment was necessary in comparison to the subject. Utilities: This adjustment has to do with the availability of utilities to the site. All of the sales are considered to be comparable and equal and required no adjustment. Zoning: This adjustment has to do whether the subject site has a more or less restricted zoning which would affect the site. All of the sales are considered equal and did not require adjustment. After analyzing and adjusting the five sales to the subject site, I have an indicated adjusted price per square foot for the subject ranging from a low of $6.22 for Sale 2 to a high of $9.82 for Sale 4. On the following page is my Land Sales Adjustment Grid pertaining to the valuation of the subject site: -29- LAND VALUE ESTIMATE (CONTINUED) Analysis of Comparable Land Sales in Comparison to Subject Site (Continued) LAND SALES ADJUSTMENT GRID Subject Site has 36,725 Square Feet Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Land Size (SF) 52,272 43,940 77,290 77,101 33,599 Sale Price /Square Foot $4.48 $4.21 $4.87 $7 $6.70 Adjustment Factors: Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjusted Price $4.48 $4.21 $4.87 $7.26 $6.70 Financing Market Market Market Market Market Conditions of Sale Market Market Market Market Market Adjusted Price $4.48 $4.21 $4.87 $7.26 $6.70 Date of Sale (Estimated @ 3% per year) 7/07 +2% 6/07 +2% 4/07 + 12/06 +4% 9/06 +4.5% Adjusted Price $4.57 $4.29 $ 5.02 $7.55 $7.00 Physical Characteristics: Location Inferior +20% Inferior +25% Inferior +25% Inferior +10% Inferior +25% Access and Visibility Inferior +10% Inferior +5% Inferior +5% Equal -0- Equal -0- Size and Shape Larger +10% Larger +5% Larger +20% Larger +20% Equal -0- Topography Inferior +10% Inferior +10% Inferior +5% Equal -0- Equal -0- Floodplain Equal -0- Equal -0- Equal -0- Equal -0- Equal -0- Utilities Equal -0- Equal -0- Equal -0- Equal -0- Equal -0- Zoning Equal -0- Equal -0- Equal -0- Equal -0- Equal -0- Total Physical Characteristics Adjustment +50% +45% +55% +30% +25% Adjusted Price Per Square Foot for Subject $6.86 $6.22 $7.78 $9.82 $8.75 Kill LAND VALUE ESTIMATE (CONTINUED) Analysis of Comparable Land Sales in Comparison to Subject Site (Continued) The five sales had an arithmetic mean of $7.89 per square foot, a standard deviation of $1.44 per square foot and a 68% confidence interval of $6.45 to $9.33 per square foot. After analyzing and adjusting the sales in comparison to the subject property, and giving most weight to the five adjusted land sales, I have concluded my land value for the subject property at $8.00 per square foot. Relating this indication to the overall size of the subject site results in the following site valuation: Land Value Estimate 36,725 square feet @ $8.00 /SF = $293.800 RECONCILIATION Reconciliation is the process of coordinating and integrating related facts to form a conclusion regarding the market value of a property. This process typically involves more than one approach to the value estimate. In the case of the subject property, the Sales Comparison Approach and/or land sales comparison is the only approach to estimate the value. In estimating the value of the subject property, I have taken into consideration the land value to be acquired along with the site improvements to be affected which include paving, curbing, landscaping, and loss of parking. In the valuation section of the report of the value of the part taken, I have estimated the value of the site improvements, which includes curbing, paving, landscaping, and parking loss at a value of $17,000. Therefore, this $17,000 will be added to the land value ($293,800) for the estimated value of land and site improvements affected by the acquisition. Therefore, after analysis and study and relying on the Sales Comparison Approach based on land sales comparables, and estimating the contributory value of the site improvements affected by the acquisition, I estimate the value of the fee simple estate of the subject property land and site improvements, subject to my certification and assumptions and limiting conditions as of March 19, 2008, at: THREE HUNDRED TEN THOUSAND EIGHT HUNDRED DOLLARS --- ($310,800) --- -32- IV. VALUATION AFTER ACQUISITION DESCRIPTION OF THE PART TAKEN For size and delineation of the land to be acquired and the temporary construction easement on the subject property, please refer to the Addendum section of this report for plat maps and legal descriptions. Additional plans are also available from the City of Blair and Lamp, Rynearson & Associates, Inc., design engineering firm for the project. The fee acquisition on the subject property will include a strip of land along the west south portion of the subject property and the temporary construction easement will adjoin the acquisition area on the east. The fee acquisition will be 11.3 5' wide and will extend to a point at the north end 145.29' along the east line. The length along the 19" Street side will be 109.85' (see plat map in Addendum). The temporary construction easement adjoining the fee acquisition area is necessary for construction work area for the new right -of -way, for grading the remainder of the property, for the removal and replacing of paving, for installation of curbing, along with removal, storage and reinstallation of the U.S. Bank sign (see photos). The fee acquisition and temporary construction easement areas are provided as follows: Fee Land Acquisition 1,347 SF Temporary Construction Easement 1,348 SF Included in the fee acquisition area is paved surfacing used for parking, curbing, limited landscaping, and U.S. Bank identification sign. The sign removal, storage, and reset will be done by the street contractor for the project and will not be an item of compensation for the property owner. It is assumed the landscaping planter adjoining the acquisition area on the north will not be disturbed, but if affected it would be restored to its previous condition, as well as the temporary construction easement area to be acquired. In addition to the loss of paving, curbing, and parking, there are nine parking stalls which will be affected in the acquisition area. The nine stalls, which are now 90° diagonal type parking stalls will be removed and will be replaced by three parallel parking stalls as shown on the plans. Therefore, the owner will be compensated for the linear feet of curbing acquired, paving, limited landscaping, and the loss of the six parking stalls (9 90° diagonal stalls to be acquired and replaced with 3 parallel stalls). It is assumed the temporary construction easement areas will be restored to their former condition after completion of construction. VALUE OF THE PART TAKEN Please refer to the Description of the Taking preceding and the plat maps, legal descriptions, and other plans in the Addendum and also available from the City of Blair and Lamp, Rynearson & Associates for the areas to be affected. The part to be acquired from the subject property will consist of a fee simple acquisition of land located along the frontage of 19` Street towards the south part of subject near the parking area. There is paving, curbing, limited landscaping, and loss of parking stalls which will need to be restored and/or changed. -33- VALUE OF THE PART TAKEN (CONTINUED) The Value of the Temporary Construction Easement will be estimated in another section of this report. Land value was estimated at an average of $8 per square foot and the land area in the fee taking area will, therefore, be estimated at $8 per square foot. In addition, the area acquired is covered with paving, curbing, and landscaping, along with loss of parking stalls which will be affected. The sign relocation will not be compensated for since it is has been reported that the street contractor for the project will include the removal of the bank sign, storage, and reset in its contract. In addition, I have assumed that the planter area adjoining the parking area on the north will not be disturbed; or if disturbed, it will be redone by the contractor. Therefore, in summary for the appraisal for the part taken, there is land area of 1,347 square feet @ $ 8 /SF; site improvements to include paving, curbing, and landscaping — estimated depreciated value of 1,347 square feet @ $1.50 /SF; and parking which is affected which will include a net loss of six parking stalls. The explanation and valuation for the parking affected would take into consideration that in a before situation there is nine 90 diagonal parking stalls, which will be lost and will be replaced with 3 parallel parking stalls. Therefore, there is a net loss of 6 parking stalls. In order to value the 6 parking stalls, I took into consideration that there are presently 33 parking stalls on the subject property and there will be a net loss of 6 parking stalls, thus reducing parking to 27 stalls, which from my estimation and the arrangement of parking is adequate for this banking property. The estimate for the loss of the six parking stalls is on the basis of a loss of each stall at an estimated $20 per stall rental per month (or $240 annually) for a total of $1,440. I have deducted an estimated 10 %, which would be owner expenses, and therefore the net income estimated for the parking would be approximately $1,296, which I have rounded to $1,300. The $20 rental, in my opinion, is supported by surface parking stalls in the Omaha area and Blair area (I have information on surface parking stall rentals in my office files). The $20 rental per stall recognizes the importance of the parking for the bank and the loss thereof. Therefore, the estimated value of the part taken is: Land and Site Improvements to be Taken (Land Acquisition) Land —1,347 square feet @ $8 /SF = $10,776, called $10,800 Site Improvements (Paving, Curbing, and Landscaping — Depreciated Value) 1,347 square feet @ $1.50 /SF = $2,021, called 2,000 Parking Affected — Nine 90° diagonal parking stalls lost and replaced with 3 parallel parking stalls; net loss of 6 parking stalls at $20 per parking stall rental per month times 12 = $1,440 less 10% for owner expense = $1,296 called $1,300 capitalized @ 9% = $14,444, called 15,000 Total Estimated Value of Part Taken $27,800 -34- VALUE OF THE REMAINDER BEFORE THE TAKING The estimated value of the remainder before the taking is: Estimated Value of the Land and Site Improvements Before the Taking $310,800 Estimated Value of the Part Taken 27.800 Estimated Value of the Remainder Before the Taking $283,000 EFFECT OF THE TAKING The widening and improvement of 19 Street at this location and installation of a turning lane to Washington Street will cause a loss in land area, site improvements, and parking as discussed preceding. The sign will be the responsibility ofthe street contractor. Likewise, ifthe underground yard sprinklers and any of the lawn landscaped areas are disturbed, it is assumed they will be restored by the contractor. In estimating the possibility of severance damage and the effect on the remainder, I have taken into account potential elements of damage as follows: Size Reduction. The land area for the subject property will be reduced in size from approximately 36,725 square feet to 3 5,3 78 square feet or a loss of land area of 1,347 square feet or about 3.67% of the land area. The effect of the land acquisition will be to reduce the land area along 19 Street and make it slightly more irregular. Loss of Parking. Due to the acquisition along 19 Street, there will be parking lost due to the taking. The property had a total of 33 parking stalls before the acquisition, which includes 2 handicap parking stalls. Due to the acquisition of the land along the west of the property, there will be nine 90° diagonal parking stalls affected. These 9 stalls will be changed to 3 parallel parking stalls along the west. Therefore, there will be a net loss of 6 parking stalls. This is a loss of slightly over 18% of the parking stalls (6 parking stalls _ 33 parking stalls). Based on my inspection of the parking, I believe the remainder of the stalls, that is 27 stalls, will be sufficient for both employees and customers serving the bank as it appears that there is more than adequate parking at the present time for this bank property. As discussed earlier, the parking stalls lost were valued on the basis of $20 per stall, which is supported by other surface parking lots the appraiser is familiar with in the Omaha Metropolitan Area and apartment garage rentals which are upper limits of rental per parking spaces.. Therefore, the net loss of the six stalls at $20 per stall per month or $ 120 annually for a total annual rental of $1,440. From this rental I deducted 10% for typical owner expense resulting in a net of $1,296, which I have rounded to $1,300. Therefore, this amount would be capitalized at the rate commensurate with what the property would be capitalized and valued for income capitalization methodology. Therefore, the $1,300 capitalized at 9% equal $14,440, called $15,000. This would be equivalent to $2,500 per parking stall lost, that is the 6 stalls lost which is valued at $15,000, which is permanent loss to the property Change in Shape. The shape of the remaining land will be slightly more irregular along the western portion (see plat map). -35- EFFECT OF THE TAKING (CONTINUED) Change of Grade. The elevation of 19" Street will be at the same grade and should not affect the remainder. There will be a retaining wall installed along the western part of the subject property near the new 19' Street right of way, which will be 75 linear feet in length and at its high point will be IT and then sloping downward to both the north and south end at grade. The concrete retaining wall will 12" thick. Access and Visibility. Visibility for the subject property will remain the same and access to the property will continue to be from Lincoln Street adjoining on the south and the drive thru banking lanes will be exiting Washington Street as presently with no access from Washington Street. Therefore, access and visibility will remain approximately the same. Other Changes. As discussed with the engineering firm, the bank sign will be removed, stored, and reset after construction is completed by the street contractor. In addition, the contractor will restripe parking stalls affected, especially the three new ones. The sidewalk will be shifted to the east and it will be an 8' wide sidewalk. It has also been assumed that the contractor and /or City of Blair will restore any additional areas affected to their previous condition. In summary, the impact on the subject property is the loss of land area, site improvements, and the loss of 6 net parking stalls. I have compensated the owner in the Part Taken for these items. Therefore, it is my opinion that the only reduction in the market value of the property will be the loss of land area, site improvements, and the loss of parking. VALUE OF THE REMAINDER AFTER THE TAKING Please refer to the Effect of the Taking section of this report for a discussion of the changes which will take place on the subject property. As indicated, my opinion is that the remainder property will suffer a loss in value as a result of the land acquisition, site improvements, and loss of parking. Therefore, it is my opinion that the indicated value of the remainder after taking will be the same as the value of the remainder before the taking or $283,000. SEVERANCE DAMAGE The measurement of severance damage is the difference between the value of the remainder before the taking and the value of the remainder after the taking. Therefore, there is no severance damage estimated as follows: Value of the Remainder Before the Taking Value of the Remainder after the Taking Severance Damage (Difference) $283,000 283,000 $ 0 -36- VALUE OF THE TEMPORARY CONSTRUCTION EASEMENT The temporary construction easement will be an irregular shaped area near the acquisition area along the west section of the site. The temporary construction easement is 10' wide towards the south part and narrows to the north to 5' wide and then ends at a point to the north (see easement map). The area of the temporary construction easement is 1,348 square feet. The temporary construction easement is needed for the construction work area for removing paving, curbing, sidewalks, etc., and for grading the remainder of the property to conform to the new street elevation, retaining wall, etc. Please refer to the Addendum section of this report for a plat map and legal description of the temporary construction easement area. The value of the temporary construction easement is estimated on the basis of the rental value of the land in the easement areas for an estimated one year construction period. The value of the land was previously estimated at $8 per square foot. The estimated rental of the land covered by the easement is 10% of its value on an annual basis. It is assumed that the temporary construction easement area will be restored to its previous condition with paving and curbing as necessary. Therefore, it is my opinion that the estimated value of the temporary construction easement area is: Temporary Construction Easement 1,348 square feet @ $8 /SF = $10,784 x 10 %= $1,078, called $1,100 SUMMARY OF APPRAISAL AND ESTIMATE OF DAMAGES Based on my analysis and study of the subject property, I estimate the following summary: Market Value Before the Taking (Land and Site Improvements Only) $310,800 Estimated Value of the Part Taken 27,800 Value of the Remainder Before the Taking $283,000 Value of the Remainder after the Taking 283,000 Severance Damage (Difference) $ 0 Value of the Part Taken 27,800 Value of the Temporary Construction Easement 1,100 Total Estimated Damages $ 28,900 Allocated To: Value of the Part Taken $27,800 Severance Damage 0 Temporary Construction Easement 1,100 Total Estimated Damages $28,900 -37- V. CERTIFICATI ®N AND QUALIFICATI ®NS CERTIFICATION OF THE APPRAISER I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. 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. ;. This appraisal report conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. 4. 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. 5. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or in use of, this report. 6. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. 7. This report is intended for use only by Midwest Right -of -Way Services and the City of Blair, Nebraska. Use of this report by others is not intended by the appraiser. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. The undersigned, Thomas E. Stevens, is currently certified under the voluntary continuing education program of the Appraisal Institute. 10. The undersigned holds Appraiser General Certifications in the States of Nebraska (CG920124) and Iowa (CG01519). 11. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 12. The undersigned made a personal inspection of the property that is the subject of this report March 19, 2008. 13. I have appraised numerous properties of this type before, and have the necessary knowledge and experience to competently complete this appraisal assignment. 14. Neither I nor my firm (Thomas E. Stevens and Associates) have been the object of any lawsuit or regulatory action by any agency or financial institution for fraud or negligence involving an appraisal report. _ -- Thomas E. Stevens, Nebraska General Certified Appraiser CG920124 -38- Midwest Right -of -Way Services, Inc. City of Blair, Nebraska U.S. Bank Property CERTIFICATE OF APPRAISER I hereby certify: That I have personally inspected the property herein appraised and that I have afforded the property owner, or his representative, the opportunity to accompany me at the time of the inspection. I have also made a personal field inspection ofthe comparable sales relied upon in making said appraisal. The subject and the comparable sales relied upon in making said appraisal were as represented in said appraisal. That to the best of my knowledge and belief, the statements contained in the appraisal herein 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 project to be constructed by the City of Blair with the assistance of highway funds. 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 the Uniform Standards of Professional Appraisal Practice; and that to the best of our knowledge no portion of the value assigned to such property consists of items which are noncompensable under the established law of said State. That neither my employment nor my compensation for making this appraisal and report are in any way contingent upon the value reported herein. That I have no direct or indirect present or contemplated future personal interest in such property or in any way benefit from the acquisition of such property appraised. That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the City of Blair, and I will not do so until so authorized by such officials, or until 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. That my opinion of the fair market value of the acquisition as of March 19, 2008, is $28,900 based on my independent appraisal and the exercise of my professional judgment. Thomas E. Stevens, Nebraska General Certified Appraiser CG920124 -39- PROFESSIONAL QUALIFICATIONS OF THOMAS E. STEVENS, MAI THOMAS E. STEVENS & ASSOCIATES 1011 SOUTH 78 STREET OMAHA, NE 68114 (402)397 -2280 EXPERIENCE Owner of Thomas E. Stevens & Associates and President of Associated Appraisers, Inc., a full service real estate appraising and consulting firm with offices in Omaha, Nebraska. Actively engaged in real estate valuation and consulting assignments since 1965. Mr. Stevens provides comprehensive real estate appraisals and consulting services and offers objective counseling to investors, developers, and public officials on a wide variety of real estate matters. Mr. Stevens has performed appraisals on various properties including, but not limited to, apartment complexes, manufacturing plants, warehouse properties, office buildings, residential and office condominium buildings, assisted living and congregate care facilities, nursing homes, medical buildings and hospitals, race tracks, raw and developed land, motels, hotels, shopping centers, and mixed use properties. Valuations and market studies have been prepared on proposed, partially completed, renovated, and existing structures. Appraisals have been made for acquisitions, dispositions, special in -use valuation, residential transfers, partnership dissolution, state -gift tax, condemnation, internal revenue, land and project development, tax assessment, divorce action, financing, insurance, and merger and /or consolidation. Mr. Stevens is qualified as an expert witness in several courts in Nebraska and Iowa. PROFESSIONAL ACTIVITIES MAI, Member of Appraisal Institute, 1974 Actively involved in the Appraisal Institute (formerAIREA and SREA), Past local chapter President of both professional organizations (AIREA and SREA) and active in national and local committees. National Association of Realtors Omaha Metropolitan Area Board of Realtors Nebraska Real Estate Association Rho Epsilon, a national Real Estate Fraternity Guest speaker for various real estate and appraisal organizations STATE LICENSE Nebraska Certified General Real Property Appraiser, License CG920124 Iowa General Certified Real Property Appraiser, License CG01519 Licensed Real Estate Broker — States of Nebraska and Iowa EDUCATION Bachelor of Science Degree in Business Administration specializing in real estate from University of Omaha, Omaha, Nebraska; Associate Title in Real Estate from the University of Omaha; numerous case study courses and educational seminars sponsored by professional appraisal organizations on a continuing basis. CERTIFICATION Currently certified by the Appraisal Institute's voluntary program of continuing education for its designated members. .1 VI. ADDENDUM TITLE SEARCH — TS -08 -34 DATE AND TINE: February 29, 2008 at 8:00 o'clock A.M. OWNER OF RECORD: OMAHA NATIONAL BANK, a national banking association, as to a portion of subject property. OMAHA NATIONAL BANK, as to a portion of subject property. DESCRIPTION OF PROPERTY: The West Half (W ' /z) of Lot 5 and all of Lots 6 through 15, Block 44, except that portion of Lots 14 and 15 taken for Street Right of Way and all of Lots 16 through 22, Block 44, except that portion taken for Highway Right of Way as shown in Book 163, Pages 343-344, City of Blair, also known as the Original Townsite of Blair, Washington County, Nebraska, together with that part of vacated alley adjacent to Lots 8 through 22. EASEMENTS: an easement the State f Nebraska, l Department 5 of Roads or construct on/drive purposes for Lot Grants 6 through 19, Block 44. TEMPORARY EASEMENT recorded February 25, 1987 in Record Book 163, Pages 116 -117. Grants an easement to the State of Nebraska, Department of Roads, for construction/sidewalk removal purposes for Lots 8 through 12 and part of Lots 13 through 15, Block 44. EASEMENT recorded November 30, 2006 in Record Book 500, Page 681. Grants an easement to City of Blair, Nebraska to repair, replace, restore, rehang and install or re- install a line of decorative lighting near the roof top to perform the services and activities contemplated by this easement . Shall be perpetual in nature and run with the land. NOTE: The following items were not searched and are not included in this report. Liens, deed of trusts and mortgages filed affecting title; taxes; special assessments; judgments; pending cases; probate proceedings; federal tax liens, state tax liens and bankruptcy proceedings. gistered Abstractor NOTICE AND DISCLAIlVIER: This Title Search includes only the apparent current owners and unreleased liens of record. This is not a completed title search or title hasurance; no certification of t1#9 is given herein and this seggh. should not be used for such purposes. BLAIR ABSTRACT AND TITLE COMPANY SERVING WASHINGTON CQUNTY SINCE 1925 BLAIR, NEBRASKA 68008 (402) 426 -48d `} -a.p, Ppx 42$ FAX (402) 426.4811 1904 Sout i Street, Suite 10fi o FIGHT OF WAY EXHIBIT Li GAL DESCRIPTION That part of Lots 15 and 16, TOG lat {ed an re d in f Washington � y { Nebraska, a I 4 Original n described sfollos• SEE Blair, a subdivision, as surveyed, p 17ACHED SHEET FOR COMPLETE LEGAL DESCRIPTION 7 q) Omaha, Nebraska 68154 -20 N09' "E 25.82' \ NOO' 08' 26 "E 10.00' �— S89'51'34 "E Point of Beginning 14 13 12 11 I I I I I I I I VACATED ALLEY PER ORD. #1704 o I I l I o I V f I 16 17 18 19 20 L L I I I I l N 89' 50' 29 "W / 11.35' Lincoln Street Public Right of Way WW�tV.LRA- INC.COM (Pb) 402496,2498 tF-) 402.496.2730 drawn bye MJW designer- WRH job number - tastes; 07057.01 -110 date= JANUARY 1. 2008 book- page: Fite names ROW E xhibit.dwg Legal Description Additional Right of Way for 19 Street That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19' Street; Thence North 00 °07'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; Thence North 09 0 58'00" East for 25.82 feet along said east right of way line; Thence South *00 West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 0 5029" West for 11.35 feet to the Point of Beginning. Contains 1,347 square feet. L: \Engineering\07057\DOCUMENTS \Easement Description_docx TEMPORARY CONSTRUCTION EASEMENT EXHIBIT LEGAL DESCRIPTION A temporary construction easement over that part of Lots 15, 16 and 17, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: SEE ATTACHED SHEET FOR COMPLETE LEGAL DESCRIPTION CU O QS W 14 13 12 11 a, I -' 5 o v I O � O CO S89'51 34 E 5.0 VACATED ALLEY Dr PER ORD. #1704 _ / O O 17 18 19 20 I 1 I I I N89'50'29 "W — 10.00' Lincoln Street Point of Public Right of Way Beginning Omaha, Nebzaska 68154 -2027 cfl N O L6 0— O Z Point of Commencement S89'50'29 "E 11.35' — WYVW.LRA- INC.COM (Ph) 402.496.2498 (Pax) 402.4952730 drawn by MJW des>gner: WRH job number - tasks: 07057.01 -110 date: JANUARY 1, 2008 book page= file name= TEMP CONST EAS.dwg A temporary construction easement over that part of Lots 15, 16 and 17, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Commencing at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19"' Street; Thence South 89 0 50'29" East (assumed bearings) for 11.35 feet along said north right of way line to the TRUE POINT OF BEGINNING; Thence North 00 °06'43" East for 145.29 feet to the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 29.22 feet along said east right of way line; Thence South 00 0 06'46" West for 64.23 feet to the centerline of said vacated alley; Thence South 89 °51'34" East for 5.00 feet along said centerline; Thence South 00 0 06'43" West for 109.86 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 10.00 feet to the Point of Beginning. Contains 1,348 square feet. 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Check C also if propel is mobile home. (A) Status () Proper (C) (1)[:] Improved (1)❑ Single Family (4) ❑ Industrial (6) ❑ Recreational ineral I nterests- (9) E] State Assessed (1) ❑ Mobile Home (2)❑ Unimproved (2)❑ Multi Family (5) ❑Agricultural (7) ❑Mineral Interests roducing (3)n IOLL (3)n Commerr_ial Nonproducing (10) State YES 1V0 Souse ®Parents and Child ® Family corporation or Partnership ❑ Grandparents and Grandchild n Brothers and Sisters I7 Aunt nr l inrla to Nigro nr nlonhow n nHh 141f the real estate was transferred for nominal consideration, what is the current market 15 Was mortgage assumed? If Yes, state amount and interest rate. value? ❑ YES NO $ 16 Does this conveyance divide a current parcel of land? 17 Was sale through a real estate agent? (if Yes, name of agent) ❑ YES ❑NO ❑YES F NO Address of Property Name and Address of Person to Whom Tax Statement Should be Sent 20 Legal Description 21 If agricultural, list total number of acres 22 Total purchase price, including any liabilities assumed ............................................. 22 $ 23 Was nonreal property included in purchase? ❑ YES ❑ NO (if Yes, enter amount and attach itemized list) .. 23 24 Adjusted purchase price paid for real estate (line 22 minus line 23) ......................... I ......... Under penalties of law, I declare that I have examined this statement and that it is, to the best of my knowledge and belief, true and correct, and that I am duly authorized to sign this statement. ® Print or Type Name of Grantee or Authorized Representative smign here V Si nature of Grantee or Authorized ' g Representative Title i Telephone Number Date REGISTER O DEED USE ONLY FOR NDR USE ONLY 26 Date Deed Recorded 27 Value of Stamp or Exempt Number 28 Deed Book 29 Deed Page 30 Mo. Day Yr. Nebraska Department of Property Assessment & Taxation Authorized by Sections 76 214, 77 -1327, R.R.S. 1943 Form No. 2- 146 -67 Rev. 12 -00 Supersedes 2- 146 -67 Rev. 9 -94 NEBRASKA DEPARTMENT OF REVENUE — White Copy COUNTY ASSESSOR — Canary and Pinlc Copies GRANTEE —Goldenrod Copy printed with soy ink on recycled paper U1 OEM (Additional Right of Way for 19th Street) That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19th Street; Thence North 00 °07'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 25.82 feet along. said east right of way line; Thence South 00 °06'43" West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 11.35 feet to the Point of Beginning. Contains 1,347 square feet. A -1 ALTA Owner's Policy (6- 17 -06) 5T AM ER/ Policy No.OPN 16345 OWNER'S POLICY OF TITLE INSURANCE ISSUED BY first American Title Insurance on Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation (the "Company ") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. Title being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the Title caused by (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; (ii) failure of any person or Entity to have authorized a transfer or conveyance; (iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (v) a document executed under a falsified, expired, or otherwise invalid power of attorney; (vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or (vii) a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. (c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. Unmarketable Title. No right of access to and from the Land. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (a) the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; (c) the subdivision of land; or (d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. An enforcement action based on the exercise of a governmental police Form No. N42302-06 power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records. 8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. 9. Title being vested other than as stated in Schedule A or being defective (a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or (b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records (i) to be timely, or (ii)to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10.Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this policy, but only to the extent provided in the Conditions. FAX (4 02) 42$-4811 First Arnertcarr Title Tnsut nce Col rpaaa,y BY PRESIPRESIDENT C-ts E First American Title Insurance Company Name and Address of Title Insurance Company: First American Title Insurance Company 1 First American Way Santa Ana, CA 92707 File No.: AMT -3417 Address Reference: Amount of Insurance: $27,800.00 Date of Policy: September 12, 2008 at 3:48 o'clock P.M. 1. Name of Insured: Name and Address of Issuing Agent Blair Abstract & Title Company 1904 South Street, Suite 105 Blair, NE 68008 (402) 426 -4844 Policy No.: OPN 16345 Premium: $128.00 CITY OF BLAIR, NEBRASKA, a Municipal Corporation. 2. The estate or interest in the Land that is encumbered by the Insured Mortgage is: fee simple title 3. Title is vested in: CITY OF BLAIR, NEBRASKA, a Municipal Corporation (Book 529, Pages 1161 - 1163). 4. The Land referred to in this policy is described as follows: SEE EXHIBIT "A" attached hereto and by this reference made a part hereof. Legal Description Additional Right of Way for 19 Street That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19 Street; Thence North 00 °07'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 25.82 feet along said east right of way line; Thence South '00 ° 06'43" West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 1.1.35 feet to the Point of Beginning. Contains 1,347 square feet. L :\ Engineering \07057\D000MENTS\Easement Description. docx NUDWESr Right of Way Services, Inc. September 9, 2008 RE: City of Blair HWY 30 Improvement Project Tract US Bank City of Blair Rod Storm, City Administrator 218 South 16th Street Blair, Nebraska 68008 Dear Rod: Enclosed is the completed file for the US Bank acquisition. Also included is the Quit Claim Deed and Affidavit, along with the Temporary Easement. The Deed and Affidavit will need to be recorded in the proper county offices. Also, The City will need to sign the Temporary Easement contract in the presence of a Notary Public. Once the documents have been processed and the Title Insurance policy has been issued, please forward a copy of all recording and contracts to: US Bank C/O Pete Alvestad, Property Manager 1700 Farnam Street Omaha, NE 68102 Please forward a copy of the executed Temporary Easement contract and recorded deed to Midwest Right of Way Services for our records. If you have any questions, please contact me at (402) 955 -2900. Sincerely, Enclosures 13425 "A" Street a Omaha, Nebraska 68144 • Phone 402.955.2900 > Fax 402.955.2903 W SHINGTOL COIUT`y, STATE, OF NEBRASKA BOOK U I— — PAOB(8) I - I 3 r REGISTER OF DEEDS MIM NEBRASKA DOCUMENTARY p STAMP TAX ®ate ©d $ .r11, # By C2! 2000 SEP 12 N1 3.41 K r ' - ' , f f' r r3 D S E t4 WASH1N([ o1q COUNTY E015 i Et O DEEDS ".r A HR t +? r 1 1 1 U.S. Bank National Association, a national banking association, successor to Omaha National Bank (herinafter referred to as "GRANTOR", whether one or more), for and in consideration of the sum of Twenty Seven Thousand Eight Hundred and No Dollars ($27,800.00) received from the City of Blair, Nebraska, a Municipal Corporation organize and existing under and by virtue of the Laws of the State of Nebraska (hereinafter referred to as "GRANTEE "), does hereby quitclaim to GRANTEE all of GRANTOR'S interest in a tract located in a platted portion of certain real property in Washington County, Nebraska, which is more particularly described on Exhibit A attached hereto and incorporated herein. TO HAVE AND TO HOLD the said premises above described, together with all the tenements, hereditaments, and appurtenances thereunto belonging unto the said CITY OF BLAIR, NEBRASKA and its successors and assigns forever. Executed this day of August, 2008. U.S. BANK NATIONAL ASSOCIATION By: Peter J. Alvestad Its: Assistant Vice President STATE OF NEBRASKA ) ss. COUNTY OF ) On this �Y' day of August, 2008, before me, the undersigned, a Notary Public in and for the State of Nebraska, duly commissioned and sworn, personally appeared Larry A. Cackin to me known to be the person who signed as Vice President of U.S. BANK NATIONAL ASSOCIATION, the banking association that executed the within and foregoing instrument, and acknowledged said instrument to be a free and voluntary act and deed and the free and voluntary act and deed of U.S. BANK NATIONAL ASSOCIATION for the uses and purposes therein mentioned; and on oath stated that he was authorized to execute the said instrument on behalf of said U.S. BANK NATIONAL ASSOCIATION. IN WITNESS WHEREOF I have hereuntoo� y hand and off cial seal this day of August, 2008. � Notary Public GENERAL NOTARY - State of Nebraska STATE OF NEBRASKA My Co DO m ORES TteRWEY ) mm. Exp. Jan. 16, 2009 ) SS. COUNTY OF ` uc On this d5 day of August, 2008, before me, the undersigned, a Notary Public in and for the State of Minnesota, duly commissioned and sworn, personally appeared Peter J. Alvestad to me known to be the person who signed as Assistant Vice President of U.S. BANK NATIONAL ASSOCIATION, the banking association that executed the within and foregoing instrument, and acknowledged said instrument to be a free and voluntary act and deed and the free and voluntary act and deed of U.S. BANK NATIONAL ASSOCIATION for the uses and purposes therein mentioned; and on oath stated that he was authorized to execute the said instrument on behalf of said U.S. BANK NATIONAL ASSOCIATION. IN WITNESS WHEREOF I have hereunto se my h nd and offi ial seal this 66 day of August, 2008. I Notary Public Qi) GENERAL NOTARY - State of Nebraska Y� DOLORES TERWEY My Comm. Exp. Jan. 16, 2009 2 1 16 2 EXHIBIT A LEGAL DESCRIPTION (Additional Right of Way for 19th Street) That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19th Street; Thence North 00 °07'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 25.82 feet along said east right of way line; Thence South 00 °06'43" West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 11.35 feet to the Point of Beginning. Contains 1,347 square feet. 1 ki [Mbank. Five Star Service Guaranteed WAS BON COUNTY, STATE OF NEBRASKA C0 D Lt' b?tf I9 360' AT Ma R AFFIDAVIT h 2009 SEP 18 PM I < I i WA Si- I NK ;1r Q!N4 (" 0U N T i' EGI` TE[i OF DEEDS Recorded STATE OF MINNESOTA ) General ) SS. Nurnerical COUNTY OF HENNEPIN) Photostat Proofed I, Cara L. Seeley, being duly sworn, depose and state as follows: scanned 1. that I am a duly qualified and acting Assistant Secretary of U.S. Bank National Association, a national banking association, with its main office at 425 Walnut Street, Cincinnati, Ohio 45202; and 2. that Omaha National Bank, Omaha, Nebraska changed its name to FirsTier Bank, National Association, Omaha, Nebraska by amendment to Articles of Association effective April 22,1986; and 3. that First Bank National Association, Omaha, Nebraska (OCC Charter Number 22967) merged with and into FirsTier Bank, National Association, Omaha, Nebraska with the resulting title of First Bank National Association, Omaha, Nebraska (OCC Charter Number 1633) effective February 20,1996; and 4. that First Bank National Association, Omaha, Nebraska (OCC Charter Number 1633) merged with and into First Bank National Association, Minneapolis, Minnesota (OCC Charter Number 710), effective June 1,1997; and 5. that First Bank National Association, Minneapolis, Minnesota (OCC Charter Number 710) merged into First National Bank of East Grand Forks, East Grand Forks, Minnesota (OCC Charter Number 13405) under the title First Bank National Association effective July 11,1997; and 6. that United States National Bank of Oregon, Portland, Oregon merged with and into First Bank National Association, East Grand Forks, Minnesota under the title U.S. Bank National Association, Minneapolis, Minnesota (OCC Charter Number 13405) effective August 1,1997; and 7. that U.S. Bank National Association, Minneapolis, Minnesota (OCC Charter Number 13405) merged with and into Firstar Bank, National Association, Cincinnati, Ohio M 151 1 52 (OCC Charter Number 24) under the title of U.S. Bank National Association, Cincinnati, Ohio (OCC Charter Number 24) effective August 9, 2001; and 8. that attached hereto as Exhibit A through E are true and correct copies of the official certification letters issued by the Office of the Comptroller of the Currency evidencing the mergers listed above in numbers 3 through 7; and 9. that the information contained in this Affidavit is true to the best of my own knowledge. Dated: June 26, 2008 co fi Cara L. Seely, Assist ht Secretary Subscribed and sworn to before me this June 26, 2008. L ILi- Aw 0 A r Notary Pu My Commission Expires: 01/31/2009 c„ ASHLEY L HUBERT " Notary Public Minnesota M 5omr� Don EM it�5 d�nua 31 2009 WE February 21, 1996 Mr. John A. Cooney Dorsey & Whitney Pillsbury Center South 220 South Sixth Street Minneapolis, Minnesota 55402 -1498 Dear Mr. Cooney: This is the official certification of the Office of the Comptroller of the Currency (OCC) to merge First Bank National Association, Omaha, NE (Charter No. 22967); FirsTier Bank, National Association, Lincoln, NE (Charter No. 1798); FirsTier Bank, National Association, Norfolk, NE (Charter No. 13582); and FirsTier Bank, National Association, Scottsbluff, NE (Charter No. 9581) into FirsTier Bank, National Association, Omaha, Nebraska, effective as of February 20, 1996. The resulting bank title is "First Bank National Association" and Charter Number is 1633. This is also the official authorization given to First Bank National Association to operate the branches of the target institutions and to operate the main office of the target institutions as a branch. A listing of each newly authorized branch and its assigned OCC branch number is listed below: 13th & M Streets, Lincoln, Nebraska 68508, Certificate No. 98827A 333 Norfolk Avenue, Norfolk, Nebraska 68701, Certificate No. 98828A 1620 Broadway, Scottsbluff, Nebraska 69361, Certificate No. 98829A 222 South 72nd, Omaha, Nebraska 68114, Certificate No. 98830A. We note that the popular name of the branch will be 13th & M Office, Downtown Office, Broadway Office, and 72nd & Dodge Office, respectively. Branches of a national bank target are not listed since they are automatically carried over to the resulting bank and retain their current OCC branch numbers. Sincerely, Ellen Tanner Shepherd Corporate Manager June 2, 1997 Mr. John A. Cooney Dorsey & Whitney Pillsbury Center South 220 South Sixth Street Minneapolis, Minnesota 55402 -1498 Dear Mr. Cooney: This is the official certification of the Office of the Comptroller of the Currency (OCC) to merge Colorado National Bank, Denver, Colorado (Charter No. 1651); Colorado National Bank Aspen, Aspen, Colorado (Charter No. 15815); First Bank National Association, Chicago, Illinois (Charter No. 13672); First Bank National Association, Omaha, Nebraska (Charter No. 1633); First Bank of South Dakota (National Association), Sioux Falls, South Dakota (Charter No. 12881); First Bank (National Association), Milwaukee, Wisconsin (Charter No. 7347); First Interim Bank of Des Moines, National Association, Des Moines, Iowa (Charter No. 23377); and First Interim Bank of Casper, National Association, Casper, Wyoming (Charter N. 23387) into First Bank National Association, Minneapolis, Minnesota, effective as of June 1, 1997. The resulting bank title is "First Bank National Association" and Charter Number is 710. This is also the official authorization given to First Bank National Association to operate the branches of the target institutions and to operate the main office of the target institutions as a branch. A listing of each newly authorized branch and its assigned OCC branch number is listed below: 400 -410 North Michigan Avenue, Chicago, Illinois 60611, Certificate No. 106746A 420 East Main Street, Aspen, Colorado 81611, Certificate No. 106745A 1700 Farnam Street, Omaha, Nebraska 68102, Certificate No. 106748A 141 North Main Avenue, Sioux Falls, South Dakota 57101, Certificate No. 106749A 201 West Wisconsin Avenue, Milwaukee, Wisconsin 53259, Certificate No. 106750A 918 17th Street, Denver, Colorado 80202, Certificate No. 106744A 518 East Locust, Des Moines, Iowa 50309, Certificate No. 106755A 111 South Durbin, Casper, Wyoming 82601, Certificate No. 106768A. M Page 2 We note that the popular names of the branches will be First Bank Wrigley Building, Colorado NB Aspen, First Bank Omaha Main Office, First Bank Main, First Bank Milwaukee, Colorado NB Downtown - Champa, First Bank Des Moines, and First Bank Casper, respectively. Branches of a national bank target are not listed since they are automatically carried over to the resulting bank and retain their current OCC branch numbers. This letter is also the official OCC certification for First Bank National Association to increase its common stock to $305,900,000 as of June 1, 1997. Please be advised that the OCC also is authorizing the resulting bank, should the combination occur between Call Report dates, to recalculate its legal lending limit. The new lending limit should be calculated by using data from the last Call Report of the individual banks filed prior to consummating the combination, as adjusted for the combination. The resulting bank will then file a new Call Report and begin calculating its legal lending limit according to 12 C.F.R. §32.4(a) at the end of the quarter following consummation of the combination. Sincerely, '4 �� � -�� "�406 Ellen Tanner Shepherd Licensing Manager MMI MIM F____ Comptroller of the Currency Administrator of National Banks Midwestern District Office 2345 Grand Blvd., Suite 700 Kansas City, Missouri 64108 -2625 July 15, 1997 Mr. John A. Cooney Dorsey & Whitney Pillsbury Center South 220 South Sixth Street Minneapolis, Minnesota 55402 -1498 Dear Mr. Cooney: E)mmo. ' I B I I Cos This is the official certification of the Office of the Comptroller of the Currency (OCC) to merge First Bank National Association, Minneapolis, Minnesota (Charter No. 710) into First National Bank of East Grand Forks, East Grand Forks, Minnesota, effective as of July 11, 1997. The resulting bank title is "First Bank National Association" and Charter Number is 13405. This is also the official authorization given to First Bank National Association to operate the branches of the target institution and to operate the main office of the target institution as a branch. A listing of each newly authorized branch and its assigned OCC branch number is listed below: 601 Second Avenue South, Minneapolis, Minnesota 55402, Certificate No. 108314A. We note that the popular name of the branch will be "First Bank Minneapolis ". Branches of a national bank target are not listed since they are automatically carried over to the resulting bank and retain their current OCC branch numbers. This letter is also the official OCC certification for First Bank National Association to increase its common stock to $310,000,000 as of July 11, 1997. Please be advised that the OCC also is authorizing the resulting bank, should the combination occur between Call Report dates, to recalculate its legal lending limit. The new lending limit should be calculated by using data from the last Call Report of the individual banks filed prior to consummating the combination, as adjusted for the combination. The resulting bank will then file a new Call Report and begin calculating its legal lending limit according to 12 C.F.R. §32.4(a) at the end of the quarter following consummation of the combination. Sincerely, Ellen Tanner Shepherd Licensing Manager MM August 6, 1997 Mr. John A. Cooney Dorsey and Whitney Pillsbury Center South 220 South Sixth Street Minneapolis, Minnesota 55402 -1498 Re: Application to merge United States National Bank of Oregon, Portland, Oregon with and into First Bank National Association, East Grand Forks, Minnesota under the charter of the latter, the title of U.S. Bank National Association, and main office in Minneapolis, Minnesota Application Control Number: 97 -MW -02 -0052 Dear Mr. Cooney: This letter is the official certification of the Comptroller of the Currency (OCC) to merge United States National Bank of Oregon, Portland, Oregon with and into First Bank National Association, East Grand Forks, Minnesota, effective as of August 1, 1997. The resulting bank title is U.S. Bank National Association, Minneapolis, Minnesota, charter number 13405. This is also the official authorization given to U.S. Bank National Association, Minneapolis, Minnesota, to operate the branches of the target institution and to operate the main office of the target institution as a branch. A listing of each newly authorized branch and its assigned OCC branch number is attached. Branches of a national bank target are not listed since they are automatically carried over to the resulting bank and retain their current OCC branch numbers. Sincerely, Stephen A. Lyb er Senior Bank Structure Analyst Bank organization and Structure Enclosure: List of newly authorized branches RE Comptroller of the Currency Administrator of National Banks Central District Office One Financial Place 440 South LaSalle Street Chicago, Illinois 60605 August 9, 2001 Ms. Karen J. Canon General Corporate Counsel U.S. Bancorp U.S. Bank Place, MPFP2802 601 Second Avenue South Minneapolis, Minnesota 55402 -4302 0 M- irk J FO Re: Affiliated Interstate Merger Applications filed by U.S. Bancorp, Minneapolis, Minnesota OCC Application Control Numbers: 01 -CE -02 -022 and 01 -CE -02 -023 Dear Ms. Canon: This letter is the official certification of the Comptroller of the Currency (OCC) for the merger of U.S. Bank National Association OR, Canby, Oregon, OCC Charter Number 23714 into U.S. Bank National Association, Minneapolis, Minnesota, OCC Charter Number 13405, under the title and charter of the latter. This letter is also the official certification of the OCC for the merger of U.S. Bank National Association, Minneapolis, Minnesota, OCC Charter Number 13405, into Firstar Bank, National. Association, Cincinnati, Ohio, OCC Charter Number 24, under the charter of the latter, and the title of "U.S. Bank National Association ". It is understood that both mergers are effective as of the close of business on August 9, 2001. This letter also constitutes official authorization of the OCC for U.S. Bank National Association to operate the main office and branches of the target institution as branches of the resulting bank following the merger, A.listing of each newly authorized branch and its assigned OCC branch number is attached. Branches of a national bank target are not listed since they are automatically carried over to the resulting bank and retain their current OCC branch numbers. If you have any questions, please contact the undersigned or National Bank Examiner David J. Rogers, at (312) 360 -8867. Sincerely, Carolina M. Ledesma 1-58 National Bank Examiner 1 59 1.11' (Additional Right of Way for 19th Street) That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19th Street; Thence North 0007'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 25.82 feet along. said east right of way line; Thence South 00 °06'43" West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 11.35 feet to the Point of Beginning. Contains 1,347 square feet. A -1 159 Blair, Nebraska Final Draft TEMPORARY CONSTRUCTION EASEMENT AGREEMENT THIS TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (the "Agreement ") is made as of — , 2008 (the "Effective Date "), between U.S. BANK NATIONAL ASSOCIA ON, a national banking association, successor to Omaha National Bank ( "Grantor ") and the CITY OF BLAIR, NEBRASKA, a Municipal Corporation organized and existing under and by virtue of the Laws of the State of Nebraska ( "Grantee "). A. Grantor is the fee owner of that certain real property located at 1865 Washington, Blair, Nebraska (the "Property") legally described in Exhibit A attached hereto and incorporated herein. B. Grantee desires to obtain, and Grantor desires to grant, certain temporary easement rights to and upon the Property. . NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor and Grantee agree as follows: 1. Grant Subject to the restrictions set forth in this Agreement, Grantor hereby grants to Grantee a nonexclusive temporary easement over, under, along, across and through a portion of the Property as legally described on Exhibit B attached hereto and incorporated herein (the "Easement Area ") solely for the purpose of constructing a right turn lane onto Highway 30. 2. Term The rights herein granted shall terminate thirty (30) days after the improvement is completed but in no event later than one (1) year after the Effective Date. 3. Maintenance Grantee shall maintain and operate the Easement Area, and any permitted improvements at its sole cost and expense, in a safe and workman like manner and shall keep and maintain the same in a professional and sightly condition at all times. Grantee agrees that it shall comply with all rules, laws, ordinances and requirements regarding its maintenance and use of the Easement Area and shall obtain any and all required permits and licenses at its sole cost and expense. 4. Indemnification Grantee, its employees, agents and contractors hereby indemnify and hold Grantor harmless from and against any injury, expense, damage, liability or claim incurred by Grantor arising directly or indirectly from the easement rights granted by Grantor to Grantee hereunder or any act or omission by Grantee, its agents, employees, servants, contractors, or any other person entering upon the Property under express or implied invitation or consent of Grantee. Grantee further agrees to reimburse Grantor for any costs or expenses, including, but not Blair, Nebraska Final Draft limited to, court costs and reasonable attorney's fees, incurred by Grantor with respect to any such injury, expense, damage, liability or claim. 5. Insurance Grantee shall require its agents and contractors, if any, to carry worker's compensation insurance as required by applicable law and commercially reasonable comprehensive liability coverage for injury to or death of a person or persons and for damage to property occasioned by or arising out of any use of the Easement Area. 6. Restrictions on Grantee's Use of Easement Area; Damage Grantee shall use the Easement Area only as necessary for the purpose described in Section I above, and shall use its best efforts not to interfere with Grantor's use and enjoyment of the Property. In light of the fact that Grantor operates a retail facility on the Property, Grantee shall not (i) block or in any way restrict access to or from the Property; or (ii) otherwise cause Grantor's operations on the Property to be interfered with or interrupted. Grantee shall keep the Easement Area free and clear of debris at all times and shall not use the Easement Area for the storage of material. Grantee agrees to repair any and all damage caused to the Easement Area or the Property by Grantee, its employees, agents or contractors, including but not limited to the replacement of any trees removed to accommodate Grantee's use of the Property and the restoration of the Easement Area following any Grantee work thereon to the same or better condition as the Easement Area existed prior to such work. 7. Grantor's Use of Easement Area. Grantor may not erect on the Easement Area any building or other improvement that would interfere with the Grantee's easement rights hereunder without the prior written consent of Grantee, which Grantee may not unreasonably withhold, condition or delay, and which consent shall be deemed to have been granted if Grantee fails to grant or withhold its consent in writing on or before the tenth (10 day following Grantee's receipt of Grantor's notice. Grantor reserves the right to use the Easement Area for any purpose not inconsistent with the rights herein granted. 8. Default If Grantee shall at any time violate any of the terms, covenants or conditions contained herein or fail to perform any of its obligations contained herein in a timely fashion, Grantor shall have the right to declare this Agreement null and void and of no further force and effect. Upon such event, Grantee shall promptly remove any improvements from the Easement Area and return the Easement Area to Grantor in the same condition as existed when it was received by Grantee. 9. Notice All notices, demands and requests ( "notice ") required or permitted to be given under this Agreement must be in writing and shall be deemed to have been properly given or served either on the date of hand delivery or the date such notice is deposited with a national parcel service (e.g., UPS or Fed Ex), or with 2 Blair, Nebraska Final Draft the United States Mail, addressed to Grantor or Grantee, as the case may be, prepaid and registered or certified mail or delivery charges prepaid, return receipt requested, at the following addresses: To Grantee: City of Blair, Nebraska To Grantor: U.S. Bank National Association Corporate Real Estate 1700 Farnam Street SL -IL -8484 Fairview Heights, IL 62208 Attn: Property Manager Telephone: (402) 348 -6554 Facsimile: (402) 348 -6592 with a copy to: U.S. Bank National Association 800 Nicollet Mall I: • ail► . ' Minneapolis, Minnesota 55402 Attn: Corporate Real Estate — Corporate Counsel Telephone: (612) 303 -7820 Facsimile: (612) 303 -7885 Rejection or refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice, demand or request. Either party may change its notice address so long as it notifies the other party in writing. 10. Miscellaneous. (a) Generally This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. Time is of the essence with respect to the payment and performance of the obligations set forth in this Agreement. No third party beneficiary rights are created by this Agreement. (b) Entire Agreement This Agreement contains the entire agreement between the parties and may be amended only by an instrument in writing signed by both parties. All approvals required hereunder shall also be in writing. (c) Grantee's Cost All work contemplated under this Agreement shall be performed by Grantee at its sole cost and expense. 3 Blair, Nebraska Final Draft (d) Counterparts This Agreement may be executed in any number of counterparts with the same force and effect as if all signatures were appended to one document, each of which shall be deemed an original. WHEREFORE, Grantor and Grantee have executed this Agreement as of the date first above written. [Remainder of page intentionally left blank. Signature and acknowledgment pages follow.] 0 Blair, Nebraska Final Draft STATE OF NEBRASKA ) j`� ) ss. COUNTY OF 'J uric V) ) On this day of August, 2008, before me, the undersigned, a Notary Public in and for the State of Nebraska, duly commissioned and sworn, personally appeared Larry A. Cackin to me known to be the person who signed as Vice President of U.S. BANK NATIONAL ASSOCIATION, the banking association that executed the within and foregoing instrument, and acknowledged said instrument to be a free and voluntary act and deed and the free and voluntary act and deed of U.S. BANK NATIONAL ASSOCIATION for the uses and purposes therein mentioned; and on oath stated that he was authorized to execute the said instrument on behalf of said U.S. BANK NATIONAL ASSOCIATION. IN WITNESS WHEREOF I have hereunto`se y hand and August, 2008. seal thi day of Notary Public GENERAL NOTARY - State of (Nebraska DOLORES TERWEY STATE OF NEBRASKA ) My Comm. Exp. Jan. 16 2009 V COUNTY OFFP I ) ss. On this day of August, 2008, before me, the undersigned, a Notary Public in and for the State of Minnesota, duly commissioned and sworn, personally appeared Peter J. Alvestad to me known to be the person who signed as Assistant Vice President of U.S. BANK NATIONAL ASSOCIATION, the banking association that executed the within and foregoing instrument, and acknowledged said instrument to be a free and voluntary act and deed and the free and voluntary act and deed of U.S. BANK NATIONAL ASSOCIATION for the uses and purposes therein mentioned; and on oath stated that he was authorized to execute the said instrument on behalf of said U.S. BANK NATIONAL ASSOCIATION. IN WITNESS WHEREOF I have hereunto se y hand and August, 2008. Notary Public seal this 0 day of GENERAL NOTARY - State of Nebraska QII DOLORES TERWCY My Comm. Up. Jan. 16, 2669 5 Blair, Nebraska Final Draft STATE OF ss. COUNTY OF r" Lry l ) CITY OF BLAIR, NEBRASKA By: Its: r U On this j Z- day of �' rrt , 2008, before me, the undersigned, a Notary Public in and for the State of duly commissioned and sworn, personally appeared I'a m cs e lfa LJA to me known to be the person who signed as A u , of 1 i r the that executed the within and foregoing instrument, and acknowledged said instrument to be his/her free and voluntary act and deed and the free and voluntary act and deed of o� 0a r �° _, for the uses and purposes therein mentioned; and. on oath stated that d L,ea as authorized to execute the said instrument on behalf of said IN WITNESS WHEREOF I have hereunto set my hand and official seal this d day of $ r° , 2008. Notary Public OVAMAILWHMRM 0 Blair, Nebraska Final Draft EXHIBIT A Legal Description of the Property The West Half (W 1 /2) of Lot 5 and all of Lots 6 through 15, Block 44, except that portion of Lots 14 and 15 taken for Street Right of Way and all of Lots 16 through 22, Block 44, except that portion taken for Highway Right of Way as shown in Book 163, Pages 343 -344, City of Blair, also known as the Original Townsite of Blair, Washington County, Nebraska, together with that part of vacated alley adjacent to Lots 8 through 22. Exhibit A Blair, Nebraska Final Draft MAU : 'I Legal Description of the Easement Area A temporary construction easement over that part of Lots 15, 16 and 17, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Commencing at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19th Street; Thence South 89 °50'29" East (assumed bearings) for 11.35 feet along said north right of way line to the TRUE POINT OF BEGINNING; Thence North 00 °06'43" East for 145.29 feet to the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 29.22 feet along said east right of way line; Thence South 00 °06'46" West for 64.23 feet to the centerline of said vacated alley; Thence South 89 °51'34" East for 5.00 feet along said centerline; Thence South 00 °06'43" West for 109.86 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 10.00 feet to the Point of Beginning. Contains 1,348 square feet. Exhibit B A M H R ♦� ' 9 r COMMITMENT FOR TITLE INSURANCE Issued by First American Title Insurance Company, a California corporation ( "Company "), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate six (6) months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A. TiTLL' OFFICE P. O. Box 428 Fair, NE 68008 Phoi c: (x 02 ) 42 6 -4E BLAIR AB v7 ILACT & 777L 7; COAIR M Serving fIlla,shit�s lon C071176 Since 192.. CLCSINIG OFFICE 706 South 19"' Street Flair, `NE 68008 ALTA Commitment Form (6- 17 -06) tahoiie: (402) 426 -9191 Fax: (402) 426-9166 r, Page 1 of 2 x -- — - The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 1. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of the Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 2. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified here in. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the conditions of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of the Commitment. 4. The policy to be issued contains and arbitration clause. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitrations rules at <http://www.alta.org/>. ALTA Commitment Form (6- 17 -06) Page 2 of 2 � y T AMER, a Privacy Policy We Are Committes to Safeguarding Customer Information In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information — particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, together with our parent company, The First American Corporation, we have adopted this Privacy Policy to govern the use and handling of your personal information. Applicability This Privacy Polciy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has' also adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fair Information Values, a copy of which can be found on our website at www.firstam.com. Types of Information Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include: ® Information we received from you on applications, forms and in other communications to us, whether in writing, in person, be telephone or any other means; ® Information about your transactions with us, our affiliated companies, or others; and a Information we receive from a consumer reporting agency. Use of Information We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has . ceased Such information may be used for any internal purpose, such as quality control efforts or customer analysts W may also provide °ail o"fitfietypes of nonpublic personal information fisted above to one or more of our affiliated companies:.: Such affil iated include sfnancial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved,in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information''we collect, as described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies,' or to _ other financial institutions with whom we or our affiliated companies. have :joint marketing agreements.. Former Customers Even if you are no longer our customer, our Privacy Policy will continue to apply to you. Confidential and Security We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy and First American's Fair Information Values. We currently maintain physical, electronic, and procedural safeguards that comply with federal regualtions to guard your nonpublic personal information. © The First American Corporation All Rights Reserved G 10 129 (06 -01) 40M ALTA Commitment Form PREMIUM: Schedule A Owner's Policy $128.00 1. Effective date: August 12, 2008 at 8:00 o'clock A.M. Commitment Number: AMT -3417 2. Policy or Policies to be issued: Amount of Insurance (a) ALTA 2006 Owner's Policy: $27,800.00 Proposed Insured: CITY OF BLAIR, NEBRASKA, a municipal corporation. (b) ALTA 2006 Loan Policy: $ Proposed Insured: 3. The estate or interest in the land described or referred to in this Commitment is: fee simple 4. Title to the real estate or interest in the land is at the Effective Date vested in: OMAHA NATIONAL BANK. 5. The land referred to in this Commitment is described as follows: SEE EXHIBIT "A" attached hereto and by this reference made a part hereof. SCHEDULE B Commitment Number: Amt -3417 Section 1 Requirements: Payment to or for the account of the grantors or mortgagors of the full consideration for the real estate or interest, mortgage or lien to be issued. Instruments in insurable form which must be executed, delivered, and duly filed for record: Need survey by Lamp, Rynearson & Associates, Inc. dated January 1, 2008 filed with the Nebraska Repository and the Washington County Surveyors Office. 2. Need quitclaim deed from U.S. Bank National Association, a national banking association, successor to Omaha National Bank, to City of Blair, Nebraska, a Municipal Corporation, conveying the property described in Schedule A, Item 5; said deed to be filed for record. Section 2 Exceptions Schedule B of the policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company. 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Rights or claims of parties in possession, not shown by the public records. 3. Easements, or claims of easements, not shown by the public records. 4. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. 5. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished; imposed by law and not shown by the public records. 6. Community property, dower, courtesy, survivorship, or homestead rights, if any, of any spouse of the insured. 7. Any titles or rights asserted by anyone including but not limited to persons, corporations, governments or other entities, to tide lands, or lands comprising the shores or bottoms of navigable rivers, lakes, bays, ocean or gulf, or lands beyond the line of the harbor or bulkhead lines as established or changed by the United States Government or water rights, if any. 8. Reservation contained in Patent from the United States of America of State where the land described in Schedule A is located. 9. Restrictive covenants affecting the property described in Schedule A. 10. Taxes for the year 2008 and thereafter. 11. TAXES: Parcel No. 890044135 — Lots 16 -22 Block 44 — 2007 taxes in the amount of $1,365.30 show a tax credit of $54.86. the balance of $1,310.44 and all prior taxes shown paid. Parcel No. 890044128 — Lot 8 -15 Block 44 — 2007 taxes in the amount of $9,352.14 show a tax credit of $375.80. The balance of $8,976.34 and all prior taxes shown paid. 12. CITY OF BLAIR ZONING REGULATIONS recorded in Deed Book 71, Page 467 and recorded in Record Book 134, Page 496 and all amendments thereto. Legal Description Additional Right of Way for 19 Street That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19 Street; Thence North 00 0 07'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; "thence North 09 °58'00" East for 25.82 feet along said east right of way line; Thence South'00 ° 06'43" West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 11.35 feet to the Point of Beginning. Contains 1,347 square feet. L:\ Engineering \07057 \DOCUMENTS \Easement Description. docx EXHIBIT B TO PURCHASE AGREEMENT 1 1 1 1 l 1l I 1 I DD1 U.S. Bank National Association, a national banking association, successor to Omaha National Bank ( herinafter referred to as "GRANTOR ", whether one or more), for and in consideration of the sum of Twenty Seven Thousand Eight Hundred and No Dollars ($27,800.00) received from the City of Blair, Nebraska, a Municipal Corporation organize and existing under and by virtue of the Laws of the State of Nebraska (hereinafter referred to as "GRANTEE "), does hereby quitclaim to GRANTEE all of GRANTOR'S interest in a tract located in a platted portion of certain real property in Washington County, Nebraska, which is more particularly described on Exhibit A attached hereto and incorporated herein. TO HAVE AND TO HOLD the said premises above described, together with all the tenements, hereditaments, and appurtenances thereunto belonging unto the said CITY OF BLAIR, NEBRASKA and its successors and assigns forever. Executed this day of , 2008. U.S. BAND NATIONAL ASSOCIATION By: Its: By: Its: IC STATE OF NEBRASKA ) ss. COUNTY OF On this day of August, 2008, before me, the undersigned, a Notary Public in and for the State of Nebraska, duly commissioned and sworn, personally appeared Larry J. Cackin to me known to be the person who signed as Vice President of U.S. BANK NATIONAL ASSOCIATION, the banking association that executed the within and foregoing instrument, and acknowledged said instrument to be a free and voluntary act and deed and the free and voluntary act and deed of U.S. BANK NATIONAL ASSOCIATION for the uses and purposes therein mentioned; and on oath stated that he was authorized to execute the said instrument on behalf of said U.S. BANK NATIONAL ASSOCIATION. IN WITNESS WHEREOF I have hereunto set my hand and official seal this day of August, 2008. Notary Public STATE OF NEBRASKA ) ss. COUNTY OF ) On this day of August, 2008, before me, the undersigned, a Notary Public in and for the State of Minnesota, duly commissioned and sworn, personally appeared Peter J. Alvestad to me known to be the person who signed as Assistant Vice President of U.S. BANK NATIONAL ASSOCIATION, the banking association that executed the within and foregoing instrument, and acknowledged said instrument to be a free and voluntary act and deed and the free and voluntary act and deed of U.S. BANK NATIONAL ASSOCIATION for the uses and purposes therein mentioned; and on oath stated that he was authorized to execute the said instrument on behalf of said U.S. BANK NATIONAL ASSOCIATION. IN WITNESS WHEREOF I have hereunto set my hand and official seal this day of August, 2008. Notary Public M W . 1 4 LEGAL DESCRIPTION (Additional Right of Way for 19th Street) That part of Lots 15 and 16, TOGETHER WITH that part of the abutting vacated alley, all in Block 44, Original Town of Blair, a subdivision, as surveyed, platted and recorded in Washington County, Nebraska, described as follows: Beginning at the intersection of the north right of way line of Lincoln Street and the east right of way line of State Highway 30, also known as 19th Street; Thence North 00 °07'07" East (assumed bearings) for 109.85 feet along said east right of way line to the centerline of said vacated alley; Thence South 89 °51'34" East for 6.91 feet along said centerline; Thence North 00 °08'26" East for 10.00 feet to the intersection of the north line of said vacated alley and the east right of way line of said State Highway 30; Thence North 09 °58'00" East for 25.82 feet along said east right of way line; Thence South 00 °06'43" West for 145.29 feet to the aforesaid north right of way line of Lincoln Street; Thence North 89 °50'29" West for 11.35 feet to the Point of Beginning. Contains 1,347 square feet. C CERTIFICATE OF NEGOTIATOR State of Nebraska ) Project: HWY 30 IMPROVEMENTS ss Tract No.: County of Douglas ) Property Owner: US BANK Chris Pawloski , Agent, being duly sworn, deposes and says: That I have no direct or indirect present or contemplated future personal interest in the parcel or in any benefit from the acquisition of the parcel. That I understand the parcel is to be secured for use in connection with a Hwy 30 Improvements project. That any agreements reached were reached without coercion, promises other than those shown in the agreements, or threats of any kind whatsoever by or to either party. That the written agreements secured embodies all of the considerations agreed upon. This Clay of 2008 a Negotiator DR Form 354, May 86 THIS FORM REPLACES DR FORM 354, OCT 76, WXITY OF BLAIR - U.S. BANK (21 1)\US BAWCERT- NEG.FORM US BANK 4- 9- 08.DOC PREVIOUS EDITIONS WILL BE DESTROYED. Acquiring Agency: City of Blair, Nebraska Project #: Hwy 30 Improvement Tract #: U.S. Bank We /I the undersigned acknowledge the receipt of the following payments: Check # 015726 Amount of Check:27,800.00 Received by: Date: 6 ( > ` d Delivered by Midwest Right of Way Services Inc.-Chris Pawloski Right of Way Agent Chris Paw loski From: Chris Pawloski Sent: Tuesday, September 09, 2008 3:46 PM To: 'rodstorm @ci.blair.ne.us' Subject: City of Blair -US Bank -Temp Easement Payment Attachments: STATEMEN OF OFFER.pdf Contacts: Rodney A. Storm Rod, In reviewing the file so that the signed deed and easement can be sent along with the completed file. I noticed that the payment in the amount of $ 27,800.00 payable to U.S. Bank did not include the payment for the Temporary Construction Easement. For your use, I have attached a copy of the Statement of Offer that was presented to Pete Alvestad on May 7, 2008. Please issue a check in the amount of $ 1,100.00 payable to US Bank National Association. Also, I checked with Pete Alvestad with US Bank and he is fine with the City and its contractors removing and replacing the sign being affected by the project. Please let me know if there are any questions. Chris A. Pawloski, SR/WA, RW /RAC MIDWEST RIGHT OF WAY SERVICES, INC. 13425 "A" Street Omaha, Nebraska 68144 Office: (402) 955 -2900 Fax: (402) 955 -2903 Pawloskic(a idwestrow.com ❑D NEGOTIATION CALL REPORT ❑ RELOCATION ASSISTANCE CALL AMOUNT SALVAGE COUNTER PERSONS PRESENT VISIT DATE OFFERED OFFERED OFFER NO. 9 -3 -08 $28,900.00 X X Chris Pawloski & Pete Alvestad 3 REPORT OF DISCUSSION: Pete Alvestad US Bank Property Manager 1700 Farnam Street Omaha, NE 68102 (402) 348 -6554 I met with Pete Alvestad at his office. I told him that I had the check for the closing of the acquisition on the Blair project. I gave him the check in exchange for the deed and other paper work needed to convey title to the City of Blair. I had him sign a receipt indicating that I had given him the check and told him I would send the conveyance documents to the City for recording and title insurance processing. PROJECT NUMBER: HWY 301MPROVEMENTS TYPED N OF AGENT: Chris Pawloski� AGENT: h /;, / A �- � e TRACT NUMBER: I PROPERTY TENANT: PROPERTY OWNER: US BANK DATE: September 3, 2008 U NEGOTIATION CALL REPORT ❑ RELOCATION ASSISTANCE CALL AMOUNT SALVAGE COUNTER PERSONS PRESENT VISIT DATE OFFERED OFFERED OFFER NO. 5 -7 -08 $28,900.00 X X Chris Pawloski & Pete Alvestad 1 REPORT OF DISCUSSION: Pete Alvestad US Bank Property Manager 1700 Farnam Street Omaha, NE 68102 (402) 348 -6554 05 -07 -08 I met with Pete Alvestad at his office. I introduced myself, gave him a business card and explained the purpose for my visit today. I explained the project plans and told him that the City needed to acquire a strip of ground in Fee Title and a Temporary Easement along the west side of the US Bank building located at 1865 Washington Street in Blair Nebraska. I told him that the affects of the project were minimal except for a sign that would need to be moved at the entrance on 19 Street. I told him that the City's contractor would be responsible for removing and replacing this sign as part of the project construction. I gave him a brochure titled "Right of Way Acquisition and Your Property ", explain the same. I asked Mr. Alvestad if US Bank would be willing to donate the Fee and Temporary Easement areas to the City, he declined this offer. I presented him with an Introduction and Information letter, explain the same. I then presented the Statement of Offer and a copy of the contracts that would be used to convey title and secure the easement. I explained to him that the offer was based on an appraisal that was done for the project and that the City had approved the amount of just compensation. I asked if he had any questions. He said that acquisition seemed fairly simple and did not see many problems. He said that he would need to send that acquisition packet to their corporate office in Minnesota for approval and legal review. He said that he would send it out in the mail tomorrow and have the corporate office contact me directly with any questions. I thanked Mr. Alvestad for his time today and told him that I would be in contact with him throughout the process. PROJECT NUMBER: HWY 30 IMPROVEMENTS TYPED NAME OF AGENT: Chris Pawloski AGENT: TRACT NUMBER: JMBER: I PROPERTY TENANT: PROPERTY OWNER: US BANK r I DATE: May 7, 2008 21 NEGOTIATION CALL El RELOCATION ASSISTANCE TYPED NAM AGENT: Chris Pawloski CALL AMOUNT SALVAGE COUNTER PERSONS PRESENT VISIT DATE OFFERED OFFERED OFFER I NO. 6 -4 -08 $28,900.00 X X Chris Pawloski & Sara Maloney 2 REPORT OF DISCUSSION: Sara Maloney US Bank Legal Department Minneapolis, Minnesota I received a call from Sara Maloney regarding the acquisition of land and easement on the Blair, HWY 30 project. She introduced herself and said that she is the legal representative for US Bank that will be handling the paperwork for this project. She said that she would like to have some more information on the project so she can better understand the effects on the parcel. She asked for a copy of the project plans and the preliminary title search that was done. I told her I could e -mail it to her in a PDF format. She said that would be fine and would send me an e -mail with her contact information. She then indicated that US Bank would prefer to create their own version of the acquisition documents to be submitted to the City for their approval. I told her that would be fine and would need to approval from the City before we could execute the documents. She suggested sending her version and we can go from there. I asked Mrs. Maloney if she had any other questions. She said she was sure there would be more questions but would wait for me to send her the information. PROJECT NUMBER: HWY 30 IMPROVEMENTS TRACT NUMBER: PROPERTY TENANT: TYPED NAM AGENT: Chris Pawloski PROPERTY OWNER: US BANK AGENT: I w (Signatur ✓ DATE: June 4, 2008 Chris Pawloski From: sara.maloney @usbank.com Sent: Wednesday, August 13, 2008 3:18 PM To: Chris Pawloski Subject: RE: Blair, Nebraska Documents Attachments: ATT03059.gif; ATT03060.gif; ATT03061.gif; ATT03062.gif Chris, Peter Alvestad will contact you to arrange a meeting to exchange the documents for the City's funds. I'm not sure exactly when he will have the documents signed, but will keep you posted. Sara Eaofam otley Paralegal BC- .' -MN- H21R dill. N collet.IVIa11 M inn t- ,al. €oILN, M ifffi,H 5 54 12 Phone: 612.303.7837 `air: 612.303388 "Chris Pawloski" <pawloskic @MidwestROW.com> 08/1112008 02:46 PM To <sara.maloney @usbank.com> cc Subject RE: Blair, Nebraska Documents Thanks for the reply. I will need to check with the City on the timing but they have indicated the funds are available to close in a matter of days if all is in order. I will get back to you soon. Thanks Chris A. Pawloski, SR/WA, RW /RAC MIDWEST RIGHT OF WAY SERVICES, INC. 13425 "A" Street Omaha, Nebraska 68144 Office: (402) 955 -2900 Fax: (402) 955 -2903 pawloskic @midwestrow.com From: sara.maloney @usbank.com [ mailto:sara.maloney @ usbank.com] Sent: Monday, August 11, 2008 2:39 PM To: Chris Pawloski Cc: rodstorm @ci.blair.ne.us Subject: RE: Blair, Nebraska Documents I am working on coordinating the signatures on behalf of US Bank, and hope to get them this week. If there's a delay, I'll let you know. We'll also have to coordinate some sort of closing where we exchange the documents for the bank's proceeds. You stated the city wanted to start construction early September, but when do you need to exchange the documents in order to start construction by then? ;�afa maloney paf T1.; . Elgs, Nat onal A— sr_ BC-MN -H21R 800IYlicolletIt -1 �Ia , ealac,lzs, alz at7P ,, t,� 5540 Phone: 613.303,7837 Fax: 612.303.7886 "Chris Pawloski" <pawloskic @MidwestROW.com> 08111/2008 02:18 PM Sara, To <sara.maloney @usbank.com> cc <rodstorm @ci.blair.ne.us> Subject RE: Blair, Nebraska Documents Just following up to see if you have an idea of when the acquisition documents will be signed by US Bank? Please let me know as soon as you know. Thanks Chris A. Pawloski, SR/WA, RW /RAC MIDWEST RIGHT OF WAY SERVICES, INC. 1 3425 "A" Street Omaha, Nebraska 68144 Office: (402) 955 -2900 Fax: (402) 955 -2903 pawloskic@midwestrow.com From: sara.maloney @usbank.com [ mailto:sara.maloney @usbank.com] Sent: Wednesday, August 06, 2008 8:51 AM To: Chris Pawloski Subject: RE: Blair, Nebraska Documents Chris, I'm not sure who is going to sign the documents on behalf of the bank, but I will work on getting them to you as soon as possible. Once I have an estimate of the date, I will let you know. Sara �afuD8�dou^y Paf,-Aogal U,S,Bank National Association BCPAN-H21R 800 NioolletM all Phone: 612.3017837 Fax: 612303,7886 ^oxnspm~vvm^ 08105/2008 06:05 PM To cc Subject RE: Blair, Nebraska Documents Sara, The City of Blair has approved the Purchase Agreement, Temporary Easement and Quit Claim Deed. Would it be possible to get the documents signed in the next few days so we can move forward with closing? The City ia anxious to get this done so they can get their contractor going around the first part of September. I will be out of the office until Monday but will be checking my e-mail. Please let me know how fast we can make this next step happen. Thanks for your help on this matter. Chris A.PawloaN,SF/WARVV/RAC MIDWEST RIGHT {}F WAY SERVICES, INC. 13425'YY'Street Omaha, Nebraska 88144 Office: (482) Q55-2008 Fax: (402) 955-2903 pavvnekio@midvveotnzvv.com 3 From: sara.maloney @usbank.com [,_ _.,ito:sara.maloney @usbank.com] Sent: Monday, July 28, 2008 3:41 PM To: Chris Pawloski Cc: stephen.sabo @usbank.com; PETER.ALVESTAD @usbank.com Subject: Blair, Nebraska Documents Chris, You will find attached drafts of the following: 1. Real Estate Purchase Agreement. 2. Marked -Up Real Estate Purchase Agreement (reflecting changes to City's draft). 3. Quit Claim Deed (Exhibit B to Purchase Agreement). 4. Temporary Construction Easement. Item No. 2, the Marked -up draft only reflects changes to the text of the original document drafted by the city. I have re- drafted the signature blocks to omit the notary blocks. We have prepared our own draft of the temporary construction easement, so there is no marked -up copy to provide. These documents are subject to review by our local property manager, Peter Alvestad. Let me know if you have any questions. s of a Sil'1 eloine y Paralegal U,& D anl, National A s s o riadiorx C -Its N -H21F' 300 Nicollet M aJ1 lit irmeapolis, Minnesota 554-12 Phone: 61 2.303.7' 83 i Fwc 612.303,788 U.S. BANCORP made the following annotations Electronic Privacy Notice. This e -mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. U.S. BANCORP made the following annotations ----------------------------------------------------- - - - - -- Electronic Privacy Notice. This e -mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. U.S. BANCORP made the followi__ annotations Electronic Privacy Notice. This e -mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. U.S. BANCORP made the following annotations Electronic Privacy Notice. This e -mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. Chris Pawloski From: sara.maloney @usbank.com Sent: Monday, July 28, 2008 3:41 PM To: Chris Pawloski Cc: stephen.sabo @usbank.com; PETER.ALVESTAD @usbank.com Subject: Blair, Nebraska Documents Attachments: purchase agmt 072808.doc; Quit Claim as Exhibit B.doc; Temporay Construction Easement, Blair NE.doc; marke up purchase agmt.doc; ATT01300.gif I N I N purchase agmt Quit Claim as Temporay marke up 72808.doc (36 K.:xhibit B.doc (2..3truction Easemehase agmt.doc ( Chris, You will find attached drafts of the following: Real Estate Purchase Agreement. Marked -Up Real Estate Purchase Agreement (reflecting changes to City's draft). 3. Quit Claim Deed (Exhibit B to Purchase Agreement). 4. Temporary Construction Easement. Item No. 2, the Marked -up draft only reflects changes to the text of the original document drafted by the city. I have re- drafted the signature blocks to omit the notary blocks. We have prepared our own draft of the temporary construction easement, so there is no marked -up copy to provide. These documents are subject to review by our local property manager, Peter Alvestad. Let me know if you have any questions. I t ATT01300.gif (2 KB) U.S. BANC RP made the following annotations Electronic Privacy Notice. This e -mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. Chris Pawloski From: sara.maloney @usbank.com Sent: Monday, July 28, 2008 4:23 PM To: Chris Pawloski Attachments: 20080728154302141.pdf 2008072815430 L41.pdf (737 KB). Chris, You will find attached a copy of an Affidavit we have signed, which documents the name change /merger history from Omaha National Bank to U.S. Bank National Association. We will forward the original when we deliver the deed. The City may want to record this at the time they record the Quit Claim Deed. U.S. BANCORP made the following annotations Electronic Privacy Notice. This e -mail, and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential and proprietary in nature. If you are not the intended recipient, please be advised that you are legally prohibited from retaining, using, copying, distributing, or otherwise disclosing this information in any manner. Instead, please reply to the sender that you have received this communication in error, and then immediately delete it. Thank you in advance for your cooperation. Agency: City of Blair Project No.: HWY M Improvement Control No.: Tract No.: US BANK STATEMENT OF OFFER The City of Blair, Nebraska, in compliance with the Uniform Relocation Assistance and Real Property Acquisition Policy Act of 1970, requires that the City of Blair's Right -of -Way Agent, upon his/her first visit of negotiating; provide the owner of real property, Omaha National Bank with this written statement of offer made to acquire the property. This offer will be made in the amount not less than the appraised fair market value of the property involved and will include a summary of the basis for the amount established as just compensation for: Land Acquisition: 1,347 Sq. Ft. Permanent Easement: Temporary Construction Easement: 1,348 Sq. Ft. Controlled Access: Other Considerations: $ 27,800.00 $ 1,100.00 Total Amount Offered $ 28,900.00 This written statement represents the City of Blair's offer made in an amount not less than the appraised valuation of the property. This offer is being made on the �� ' — day of and the total amount of this offer is $ 28,900.00 . Sincerely, s Pawlos ` Acquisition Agent Project: City of Blair -HWY 30 Improvement Tract No.: Date: ' � Ita �,- T , To whom it may concern: ,- This letter contains information about the proposed purchase of your property. The offer contained in the contracts you have received is based on a reviewed estimate of just compensation that we believe reflects the fair market value of your property. The legal description and location of your property is: See Attached Exhibit A The legal title we need is: ® Fee Simple Title ® Temporary Easement ❑ Permanent Easement You will not be paid for these improvements because someone else owns them. We will pay reasonable, necessary costs for the following: (a) Recording fees, transfer taxes, documentary stamps, evidence of title, boundary survey, legal descriptions, and similar expenses incidental to selling us your land. (b) Penalty costs and other charges for prepayment of preexisting recorded mortgage. (c) Pro rata share of real estate taxes allocable to the period after we purchase your land. In most cases, we will pay these costs directly so that you will not have out -of- pocket expenses. You are also eligible for certain expenses if a court decides that we cannot condemn your property, if we abandon a condemnation of your property, or if you are successful in an inverse condemnation action. You may appeal our decision of your eligibility for the amount of the previously described payments. Your written appeal must be filed with us within 60 days after we have given you written notice of our original decision. If you are still not satisfied after our review of your appeal, you may seek judicial review of our final decision. The improvements we are purchasing from you are: ® None The improvements we are purchasing that are owned by someone else are: ® None El -7 y Date: A lf, 4 ; RE: Hwy 30 Improvements City of Blair US Bank 1865 Washington Street Blair, Nebraska To Whom It May Concern: This letter is to inform you that the firm of Midwest Right of Way Services, Inc. is acting as Agent for the City of Blair for land and easement acquisition services on the above referenced project. One of the following representatives will be contacting you in the near future to discuss the acquisition of easements on your property. Stacey Kroeger - Acquisition Agent /Licensed Real Estate Salesperson Jake Farrell - Acquisition Agent /Licensed Real Estate Salesperson Chris Pawloski of Midwest Right of Way Services, Inc. will be the Project Manager. We can be reached at (402) 955 -2900 or toll free at (866) 955 -2901. Sincerely, MIDWEST RIGHT OF WAY SERVICES, INC. 13425 "A" Street • Omaha, Nebraska 68144 o Phone 402.955.2900 • Fax 402.955.2903 low her I' Ja` �Se of O April 11, 2008 Midwest Right -of -way Services, Inc. Attn: Chris Pawloski 13425 "A" Street Omaha, NE 68144 RE: 10 Street ROW Dear Mr. Pawloski: Enclosed are the Local Public Agency Just Compensation Determination form signed as requested. Please move forward with offers for the needed right -of -way as outlined in the appraisals. Please let me know either with a phone call or e-mail. I can be contacted at 426 -4191 or A.RS nei.blair.ne.us . Sincerely, Allen Schoemaker Public Works Director 218 South 16th Street a Blair, Nebraska 68008 a 402 - 426 -4191 a Fax 402 -426 -4195 . E -mail cityofblair @ci.blair,ne.us ooPOa. " i Y XVII W 1, Project Number: Tract Number: Control Number: U.S. Highwa 3� 0 Improvement US Bank Property Owner: US Bank Having reviewed all of the pertinent facts and information available, my determination is that $28,900.00 is Just Compensation for this tract. This amount is not less than the approved appraisal of the fair market value of the property. I have no direct or indirect, present or contemplated future personal interest in this determination, nor will I derive any benefit from this determination. ate Signed, SUMMARY APPRAISAL REPORT U.S. HIGHWAY 30 IMPROVEMENT PROJECT RIGHT TURN LANE TO WASHINGTON STREET BLAIR, NEBRASKA U. S. BANK PROPERTY 1865 WASHINGTON STREET BLAIR, NEBRASKA AS OF: MARCH 19, 2008 PREPARED FOR: MIDWEST RIGHT -OF -WAY SERVICES, INC. 13425 "A" STREET OMAHA, NE 68144 PREPARED BY: THOMAS E. STEVENS, MAI THOMAS E. STEVENS & ASSOCIATES 1011 SOUTH 78TH STREET OMAHA, NEBRASKA 68114 -5410 THOMAS E. STEVENS & ASSOCIATES 1011 So 78th Street, Omaha, Nebraska 68114 March 24, 2008 Midwest Right -of -Way Services, Inc. 13425 "A" Street Omaha, NE 68144 Telephone (402) 397 -2280 Fax (402) 397 -2080 RE: Summary Appraisal Report U.S. Highway 30 Improvement Project Right Turn Lane to Washington Street U. S. Bank Property 1865 Washington Street Blair, Nebraska Gentlemen: In accordance with your request, I have inspected and appraised the property captioned above. I have conducted the required investigations, gathered the necessary data, and formulated certain analysis that enabled me to form an opinion of market value as defined within this report. In making this appraisal report, I have considered pertinent market data applicable to the subject property being appraised. As a result of my investigation and analysis, it is my opinion that the market value of the subject property and summary of appraisal and estimate of damages, subject to my underlying assumptions and limiting conditions and certification, as of March 19, 2008, is estimated to be: Summaa of Appraisal and Estimate of Damages Market Value Before the Taking (Land and Site Improvements Only) $310,800 Estimated Value of the Part Taken 27,800 Value of the Remainder Before the Taking $283,000 Value of the Remainder after the Taking 283,000 Severance Damage (Difference) $ 0 Value of the Part Taken 27,800 Value of the Temporary Construction Easement 1,100 Total Estimated Damages $ 28,900 Allocated To: Value of the Part Taken $27,800 Severance Damage 0 Temporary Construction Easement 1,100 Total Estimated Damages $28,900 REAL ESTATE APPRAISALS AND CONSULTING Midwest Right -of -Way Services, Inc. Page -2- This summary appraisal report conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board and the Appraisal Foundation and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. This summary appraisal report sets forth the identification of the property, property rights appraised, assumptions and limiting conditions, pertinent summary of facts about the subject's area and the subject property, comparable data, and results of my investigation and analysis, and the reasoning leading to the conclusions set forth. Respectfully submitted, e Thomas E. S ens, MAI Nebraska General Certified Appraiser CG920124 APPRAISAL REPORT TABLE OF CONTENTS Page ASSUMPTIONS AND LIMITING CONDITIONS ............................... i I. INTRODUCTION Summary of Important Data and Conclusions ..... ............................... 1 Scope of the Appraisal ...................... ............................... 3 Purpose of Appraisal ........................ ............................... 4 Identification of the Property .................. ............................... 4 Legal Description ........................... ............................... 4 Statistical Area Definition ................................................... 4 Ownerof Record ........................... ............................... 4 Definitions................................ ............................... 5 Exposure Time and Marketing Time .......................................... 7 Property Rights Appraised ................... ............................... 7 History of the Subject Property ................ ............................... 8 Effective Date of the Appraisal ................ ............................... 8 Environmental Considerations .... ........... ............................... 8 Zoning................................... ............................... 8 FloodPlain ................................ ............................... 8 Utilities............................... .. ............................... 8 Taxes and Assessments ...................... ............................... 9 Competency Provision ....................... ............................... 9 Client and Intended User ..................... ............................... 9 U. PROPERTY DESCRIPTION Blair Community Data ..................... ............................... 10 Analysis of the Site ........................ ............................... 15 III. VALUATION BEFORE ACQUISITION 17 Highest and Best Use Analysis ............... ............................... 19 Appraisal Process ......................... ............................... Sales Comparison Approach (Land Sales Comparison Approach) .................. 21 32 Reconciliation............................ ............................... TABLE OF CONTENTS (CONTINUED) IV. VALUATION AFTER ACQUISITION Description of the Part Taken ................ ............................... 33 Value of the Part Taken .................... ............................... 33 Value of the Remainder Before the Taking ..... ............................... 35 Effect of the Taking ....................... ............................... 35 Value of the Remainder After the Taking ....... ............................... 36 Severance Damage ........................ ............................... 36 Value of the Temporary Construction Easement . ............................... 37 Summary of Appraisal and Estimate of Damages ............................... 37 V. CERTIFICATION AND QUALIFICATIONS Certifications of the Appraiser ................ ............................... 38 Qualifications of the Appraiser ............... ............................... 39 VI. ADDENDUM Title Certificate Diagram and Plat of Fee Acquisition Diagram and Plat of Temporary Construction Easement Reduced Plans from Lamp, Rynearson & Associates, Inc. Blair and Vicinity Map CCB, Central Business District Zoning Regulations Zoning Map Flood Plain Map Plat Map Comparable Land Sales Map Photographs of the Subject Site ASSUMPTIONS AND LIMITING CONDI'T'IONS ASSUMPTIONS AND LIMITING CONDITIONS In conducting this appraisal I have assumed, except as otherwise noted in this report, the following: 1. Title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and is available for its { highest and best use. 2. There is no existing judgments or pending or threatened litigation, which could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements which would render the property more or less valuable. 4. The revenue stamps placed on any deed to indicate the sale price is in correct relation to the actual dollar amount of the transaction. 5. The land and improvements are in compliance with all applicable building, environmental, zoning and other federal, state and local laws, regulations and codes. 6. This appraisal is a summary appraisal and is limited in scope by doing an appraisal of land only and valuing the land area (including temporary easement) and only those site improvements (including loss of parking spaces) acquired for needed right of way by the City of Blair, Nebraska. The land and site improvements to be acquired are needed for the U.S. Highway 30 Improvement Project Right Turn Lane at Washington Street, Blair, Nebraska. The report is subject to the following limiting conditions, except as otherwise noted in the report: 1. An appraisal is inherently subjective and represents only an estimate of a property's market value. 2. The conclusions stated in the appraisal apply only as of the date indicated and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal and I reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law the appraisal assumes that such statements would be favorable and will be approved by the appropriate regulatory bodies. -i- ASSUMPTIO AND LIMITING CONDITIONS (CONTINUED 5. By reason of this assignment I am not required to give testimony or to be in attendance in court or any government or other hearing with reference to the property without written contractual arrangements having been made relative to such additional employment. 6. I have not made a survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be accurately scaled for size. The appraisal covers the property as described in this report and the areas and dimensions set forth herein are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any and I have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in the appraisal. 8. No responsibility is accepted by me for considerations requiring expertise in other fields. Such considerations include but are not limited to, legal descriptions and other legal matters, geologic considerations; such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. This appraisal should be considered only in its entirety. No part of this appraisal is authorized to be utilized separately or out of context. 10. No part of this report (especially any conclusions as to values of the property or the identity of the appraiser) is authorized to be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the appraiser. 11. Any information, estimates and opinions contained in this report, obtained from sources outside of this office are assumed to be reliable and in some cases have not been independently verified. 12. Any income and expense estimates contained inthis appraisal are used only for the purpose of estimating current market value and do not constitute predictions of future operating results. 13. No assurance is provided that the methodology and/or results of the appraisal will not be successfully challenged by the Internal Revenue Service. In particular, the methodology for appraising certain types of properties. -ii- ASSUMPTIONS AND LIMITING CONDITIONS (CONTINUED) 14. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time the leases expire or otherwise terminate. 15. No consideration has been given to personal property, which might be located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered, unless otherwise stated. 16. The current purchasing power of the dollar is the basis for the value stated in this appraisal; I have assumed that no extreme fluctuations in economic cycles will occur. 17. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from these Underlying Assumptions and Limiting Conditions. 18. The analysis contained in this report necessarily incorporates numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of the material changes in the competitive environment and other matters. Some estimates or assumptions however, inevitably will not materialize and unanticipated events and circumstances may occur; therefore actual results achieved during the period covered by my analysis will vary from my estimates and the variations may be material. 19. The Americans with Disabilities Act (ADA) became effective January 26,1992. There has not been a specific survey or analysis of this property made, to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. Given that compliance can change with each owner's financial ability to cure non accessibility, the value of the subject does not consider possible non compliance. Specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. -iii- I. INTRODUCTION SUMMARY OF IMPORTANT DATA AND CONCLUSIONS Scope of Appraisal: This appraisal is a summary appraisal and is limited in scope by doing an appraisal of land only and valuing the land area (including temporary easement) and only those site improvements (including loss of parking spaces) acquired for needed right of way by the City of Blair, Nebraska. The land and site improvements to be acquired are needed for the U.S. Highway 30 Improvement Project Right Turn Lane at Washington Street, Blair, Nebraska. Purpose of Appraisal: To provide a supported opinion of the market value of the fee simple interest of the subject property real estate (land only and site improvements affected) as of the date of appraisal, March 19, 2008. A further purpose is to estimate the market value of the property before the acquisition; estimate the value of the acquisition; and estimate the value of the remainder after the acquisition. A further purpose is to estimate whether there is any severance damage to the remainder because of the acquisition. Effective Date: March 19, 2008 Property Being Appraised: U.S. Bank branch bank facility located at 1865 Washington Street, Blair, Nebraska. Legal Description: Lots 8 through 15, Block 44, except that portion of Lots 14 and 15 taken for Street Right of Way and all of Lots 16 through 22, Block 44, except that portion taken for Highway Right of Way as shown in Book 163, Page 343 -344, City of Blair, also known as the Original Townsite of Blair, Washington County, Nebraska, together with that part of vacated alley adjacent to Lots 8 through 22. Owner of Record: Title search shows title to the property in the name of Omaha National Bank, which is now succeeded by First Bank Corporate Properties Zoning: CCB, Central Business District Highest and Best Use: Commercial use Site Size: Irregular, having a total area of approximately 36,725 square feet. -1- SUMMARY OF IMPORTANT DATA AND CONCLUSIONS Improvements and Age: One -story and basement branch bank building built in 196' 4,072 square feet on the main level with drive thru canopy, signage, landscaping, and other site improvements. Improvements are not being appraised. Land only is being appraised. Valuation Indication Sales Comparison Approach Reconciled Market Value Summary of Appraisal and Estimate of Daman Market Value Before the Taking (Land and Site Improvements Only) Estimated Value of the Part Taken Value of the Remainder Before the Taking Value of the Remainder after the Taking Severance Damage (Difference) Value of the Part Taken Value of the Temporary Construction Easement Total Estimated Damages Allocated To: Value of the Part Taken $27,800 Severance Damage 0 Temporary Construction Easement 1.100 Total Estimated Damages $28,900 $310,800 $310,800 $310,800 27.800 $283,000 283.000 $ 0 27,800 1.100 $ 28,900 -2- SCOPE OF THE APPRAISAL The scope of this appraisal is limited by the Assumptions and Limiting Conditions outlined in this report. The intended user of this report, as outlined previously, is cautioned to review these conditions to assure concurrence with the conditions outlined. This appraisal is a summary appraisal and is limited in scope by doing an appraisal of land only and valuing the land area (including temporary easement) and only those site improvements (including loss of parking spaces) acquired for needed right of way by the City of Blair, Nebraska. The land and site improvements to be acquired are needed for the U.S. Highway 30 Improvement Project Right Turn Lane at Washington Street, Blair, Nebraska. The scope of the appraisal encompasses the necessary research and analysis to complete the appraisal assignment, including the reporting process, in accordance with the intended use and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP). Specifically concerning this assignment, based on the purpose and intended use of the appraisal as previously outlined, the appraiser performed the following in developing the opinion of values in the appraisal: • An inspection of the property with photographs taken; • A collection of data and information relative to the property; • An inspection of the surrounding neighborhood and community; • Investigation and analysis of historical, current and forecasted data relative to the region, city and neighborhood from published and other sources; • Investigation of current market conditions relative to the property being valued; • Interviews with city and county officials and other sources considered knowledgeable of properties in Blair, Washington County; • Identified and researched comparable property sales to compare to the subject; • Analysis of the highest and best use of the property; • Analysis of the appropriate approach to value the property concluding that the Sales Comparison Approach (Land Sales Comparison Approach, since land only is being appraised along with site improvements affected by the acquisition) is the most persuasive and most appropriate to estimate the market value of the subject property. A further scope of this appraisal to provide an appraisal report to be used to support the market value estimate of the subject property for a partial acquisition of the property for a turning lane along the west side of the property on 19" Street (Highway 30/75). A "before" valuation and "after" valuation will be estimated for the land only for the property. Data sources relied upon include, but are not limited to, discussions with the officials of the City of Blair, the Washington County Assessor and Deeds records, the property owner, and my physical inspection of the property. -3- PURPOSE OF APPRAISAL The purpose of this appraisal is to provide a supported opinion of the market value of the fee simple interest of the subject property real estate as of the date of appraisal, March 19, 2008. A further purpose is to estimate the market value of the property (land only) before the acquisition (fee taking); estimate the value of the property acquisition; and estimate the value of the remainder (land only) after the taking. A further purpose is to estimate whether there is any severance damage to the remainder because of the acquisition. IDENTIFICATION OF THE SUBJECT PROPERTY The subject property is located at the southeast corner of Washington Street (Highway 30) and South 19 Street. The site is improved with a 4,072 square foot branch bank facility located on approximately 36,725 square feet of land. The address ofthe property is 1865 Washington Street, Blair, Washington County, Nebraska. LEGAL DESCRIPTION The legal description of the subject property, according to the Washington County Assessor and Register of Deeds is: Lots 8 through 15, Block 44, except that portion of Lots 14 and 15 taken for Street Right of Way and all of Lots 16 through 22, Block 44, except that portion taken for Highway Right of Way as shown in Book 163, Page 343 -344, City of Blair, also known as the Original Townsite of Blair, Washington County, Nebraska, together with that part of vacated alley adjacent to Lots 8 through 22. STATISTICAL AREA DEFINITION The subject property is located in Washington County in Census Tract 501.02. According to the Washington County records, the owner of record for the subject property (two parcels) is: Omaha National Bank, succeeded by First Bank Corporate Properties (Washington County Assessor's record title holder) 51 DEFINITIONS Definition of Market Value The definition of market value for the purpose of this appraisal was taken from the Nebraska Statutes for Eminent Domain - General Definition of Market Value. The general definition of "Fair Market Value ", according to Nebraska State Law, is: "The `fair market value' of a piece of property is the price that someone ready to sell, but not required to do so, would be willing to accept in payment for the property, and that someone ready to buy, but not required to do so, would be willing to pay for the property. "In determining fair market value, you may consider the uses to which the property has been put and the uses to which it might reasonably be put in the immediate future." Market value, as defined in the Rules and Regulations, Federal Re ig ster Volume 55, Number 165, Page 34696, as of Friday, August 24, 1990, is: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed and well advised, and acting in what they consider their best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." Further, and since a partial acquisition is involved, it is necessary to estimate the value of the property before the acquisition, the value of the property acquired, and the value of the remainder property after the acquisition. -5- DEFINITIONS (CONTINUED) Definition of Severance Damage The definition of severance damage is taken from The Dictionary of Real Estate Appraisal, fourth edition, published in 2002 by The Appraisal Institute, on page 263 is: Severance Damage. "Generally used to mean those damages to a remainder property that are compensable (see Just Compensation)" Definition of Just Compensation The definition of just compensation was taken from The Dictionary of Real Estate Appraisal, fourth edition, published by The Appraisal Institute in 2002, on page 154, under the heading, "Just Compensation ", as: Just Compensation. "In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken; should put the owner in as good a position pecuniarily as he or she would be if the property had not been taken; generally held to be market value, but courts have refused to rule that is it always equivalent to market value." (See before and after rule). Definition of Before and After Rule The definition of "before and after rule" was taken from The Dictionary of Real Estate Appraisal fourth edition, published by The Appraisal Institute in 2002, on page 28, under the heading, "Before and After Rule" as: "Before and After Rule. In eminent domain valuation, a procedure in which just compensation is measured as the difference between the value of the entire property before the taking and the value of the remainder after the taking." Definition of Easement The definition of easement was taken from The Dictionary of Real Estate Appraisal, Fourth Edition, published by The Appraisal Institute in 2002, on page 90, is: Easement. "An interest in real property that conveys use, but not ownership, of a portion of an owner's property. Access or right -of -way easements may be acquired by private parties or public utilities. Governments dedicate conservation, and preservation easements." it is accurate to state that the foregoing defmitions are the best that can be found in that they are the most authoritative and have general /universal acceptance. They have proper application in the Washington County area, which includes Blair. EXPOSURE TIME AND MARKETING TIME On September 16, 1992, The Appraisal Standards Board of the Appraisal Foundation issued advisory opinions on the Uniform Standards of Professional Appraisal Practice (USPAP) for the referenced times. Generally, exposure time relates to what has occurred and is currently occurring in the market, while marketing time is a projection of what is likely to occur in the market. These references are consistent with the appraisal of any property where we as appraisers look at what has, is, and will most likely occur in issuing an opinion of value for a property. Both time periods are a function of price, time, use, and the cost and availability of funds. The primary difference between the two time periods is that for marketing time we also consider anticipated changes in market condition (trends). In making estimates for the two time periods, I consider verification of sales data such as days on the market for properties, both listed and sold, along with interviews of market participants. Understanding buyers' and sellers' motivations (financial assumptions) is primary for reasonably priced property as well as considering who the most likely purchaser will be, and how financing impacts their buying decision. Since the time periods are based on similar information, I have considered the contrast for the time periods, based on changing trends. As indicated by the discussion above, and from my analysis of the market, I have assumed typical, competent, and independent representation for a property such as the subject, when exposed to the market. I have assumed a proper marketing plan, and exposure to the market for a property such as the subject. After my analysis and study of the subject property and the market, it is my opinion that normal marketing time is twelve months. Furthermore, exposure time for the subject property is estimated to be approximately twelve months. PROPERTY RIGHTS APPRAISED The unencumbered fee simple interest in the property is being appraised. Property rights appraised are defined as follows in The Dictionary ofReal Estate Appraisal, 4 ' edition, published by the Appraisal Institute in 2002, on page 113: Fee Simple Estate "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." The subj ect property rights are subj ect to any leases, easements, restrictions, and/or covenants of record, if any. -7- HISTORY OF THE SUBJECT PROPERTY The subject parcel has been owned by Omaha National Bank succeeded by First Bank Corporate Properties for many years. There have been no transfers of the subject property within the past three years and to my knowledge, the property is not listed for sale and there is no pending sale of this property. EFFECTIVE DATE OF THE APPRAISAL The effective date of this appraisal is March 19, 2008. This is the date I made a physical inspection of the property and took the photographs, which are attached in the Addendum section of this report. I informed the branch manager of U.S. Bank, Robbie Busselman, the purpose of my inspection and provided her with acquisition and easement plat maps for the property. ENVIRONMENTAL CONSIDERATIONS Upon inspection, there were no observable environmental violations on the site and the appraiser is not aware of any environmental survey that has been conducted on the subject property or any of the adjoining land. Based on the foregoing, the subject property and site is valued on the premise that there are no overriding environmental conditions that could render the subj ect property less valuable. It would be prudent and it is recommended that an environmental assessment be made of the subject property. This appraisal does not make any allowance for environmental requirements. ZONING The subject property is zoned CCB, Central Business District. The City of Blair zoning district regulations states: "The intent of the CCB Central Business District is to provide a.commercial area for those establishments serving the general shopping needs of the trade area and in particular, those establishments customarily oriented to the pedestrian shopper. The grouping of uses is intended to strengthen the central business area as the urban center of trade, service, governmental and cultural activities." For permitted uses and site development regulations, please refer to the Addendum section of this report for a copy of the zoning regulations for the CCB, Central Business District. FLOODPLAIN According to information discussed with the City of Blair personnel, the subject property is not located in a flood hazard area. The Community Panel Number examined was 310228 0005 C, revised July 17, 1995, for the City of Blair, Washington County, Nebraska. UTILITIES All public utilities are available and connected to the building improvements on the subject property. 9:11 TAXES AND ASSESSMENTS Ad valorem real estate taxes in Washington County are levied on the basis of the actual value of each parcel of real estate as determined by the Washington County Assessor. A consolidated tax rate is applied to the "actual value ", and taxes are levied on this basis. The consolidated tax rate consists of levies for all political subdivisions revisions having power over any particular parcel of real estate. The subject property is taxed and assessed as two parcels for 2007. The assessed valuation and real estate taxes on the subject property are: Parcel 890044128 (1865 Washington Street) Land Value $ 56,775 Improvements 394,805 Total $451,580 2007 Real Estate Taxes Payable in 2008 $8,976.34 Parcel 890044135 (1501 Lincoln Street Land Value $47,810 Improvements 18,115 Total $65,925 2007 Real Estate Taxes Payable in 2008 $1,310.44 The Washington County Assessor's valuation was not .used as an index to the market value estimate for the subject property. COMPETENCY PROVISION The competency provision of the Uniform. Standards ofProfessional Appraisal Practice states in brief that, prior to accepting an appraisal assignment, an appraiser must have the knowledge and experience to complete the assignment competently or disclose the lack thereof; and take all necessary steps and describe in the appraisal report the steps taken to complete the assignment competently. The person signing this report has the necessary knowledge and experience to competently complete this appraisal assignment. I have had over 42 years appraisal experience and have operated my own appraisal business for 33 years, specializing in the appraisal of commercial, industrial, multi - family, and special purpose properties. I have appraised numerous vacant commercial, industrial, and residential subdivision land parcels. This experience, as well as my education, appraisal training, and continuing education in appraising, provide me with the background and necessary education to provide a professionally derived opinion of the estimated market value of the subject property. CLIENT AND INTENDED USER This report is intended for use only by Midwest Right -of -Way Services, Inc., and their assignees and designees. Use of this report by others is not intended by the appraiser. In