APPRAISAL REPORT FOR LAND LOCATED AT LOT 1 WILLIAMS MILL RD. BURLINGTON ALAMANCE COUNTY NORTH CAROLINA AS OF JUNE 15, 2005 PREPARED FOR JAMES D. NORRIS, JR AND MID CAROLINA BANK BY WILLIAM R. COMPTON, JR. TABLE OF CONTENTS 1. * LETTERS OF ENGAGEMENT 2. * ASSUMPTIONS AND LIMITING CONDITIONS 3. * AURTHOURIZATION 4. * DATE OF VALUATION 5. * PURPOSE OF APPRAISAL 6. *SCOPEOFTHEAPPRASIAL 7. * IDENTIFICATION OF THE PROPOSAL 8. * AREA DATA 9. * NEIGHBORHOOD DESCRIPTION 10. * ZONING AND TAX VALUES II.* ENVIRONMENTAL CONDITIONS 12. * UTILITIES 13. * HIGHEST AND BEST USE 14. *THE APPRASIAL PROCESS 15. *MARKET OR SALE COMPARISON APPROACH 16. CORRELATIONAL AND FINAL ESTIMATE OF VALUE 17. * APPRAISER QUALIFICATIONS *ADDENDUMS, PICTURES, MAPS, ETC. WILLAIM L. HUEY APPRAISAL SERVICE APPRAISAL COMMERCIAL RESIDENTIAL PHONE: (336) 227-0167 STATE CERTIFIED GENERAL 213 E. ELM STREET FAX: (336) 227^166 #A-3325 P.O. BOX 879 GRAHAM, NC 27253 JUNE 15, 2005 TO: JAMES D. NORRIS RE: APPRAISAL OF LAND (TAX MAP 3-27-1) BURLINGTON, NC 27215 DEAR SIR: AS REQUESTED BY YOU, I HAVE INSPECTED THE PROPERTY LOCATED OFF WILLIAMS MILL RD., IN THE CITY OF BULRINGTON, NORTH CAROLINA. THE INSPECTION WAS FOR THE PURPOSE OF APPRAISING THE REAL ESTATE TO ESTIMATE IT'S CURRENT FEE SIMPLE MARKET VALUE. THUS, AS OF JUNE 15, 2005 MY ESTIMATE OF THE FEE SIMPLE INTEREST IN THIS PROPERTY IS IN THE ORDER OF: FIVE HUNDRED THOUSAND DOLLARS $500,00 WITH THIS LETTER YOU WILL FIND A COPY OF THE RESTRICTED APPRAISAL REPORT AND THE BASIS FOR THE VALUE CONCLUSION. THE APPRAISAL IS SUBJECT TO THE ASSUMPTIONS AND LIMITING CONDITIONS SET FORTH IN THE REPORT AND THE ADDENDA THAT HAS BEEN PREPARED IN COMPLIANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICES AND THE AMERICAN SOCIETY OF APPRAISERS. PLEASE BE ADVISED THAT WE HAVE NO PRESENT OR CONTEMPLATED FUTURE INTEREST IN THIS PROPERTY, NOR IS THE FEE IN ANY WAY CONTINGENT UPON THE VALUE REPORTED. RESPECTFULLY SUBMITTED, WILLIAM R. COMPTON, JR. CERTIFIED RESIDENTIAL A-3685 ASSUMPTIONS AND LIMITING CONDITIONS TO THIS APPRAISAL REPORT The certification of the appraiser appearing in this report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the appraiser in the report. Please read. It is an important part of this report. 1. This appraisal represents the best opinion of the appraiser as to the market value of the subject property as of the effective date of the appraisal. The term "Market Value" is defined in the appraisal report. 2. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good or marketable unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information identified in this report as being furnished by others is believed to be reliable sources. If the client has any question regarding this information, it is the client's responsibility to seek whatever independent verification is deemed necessity. 5. All engineering supplied by others is assumed to be correct. The plot, plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. The value reported herein is predicted on the property being free and clear of all encumbrances, such as liens, judgments and assessments. 7. Possession of the report, or a copy thereof, does not carry with it the right of publication, nor may is be used by any but the client for whom it was made without the written consent of the appraiser or client. 8. In this appraisal assignment, the existence of potentially hazardous materials used in the construction or maintenance of the building, and/or the existence of toxic waste, which may or may not be present on the property, was not observed by me; nor do I have any knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The existence of potentially hazardous waste materials may have an effect on the value of the property. 1 [We] urge the client to retain an expert in this field if desired. 9. No warranty is made as to the condition of or presence of materials or systems not visible in a normal appraisal inspection. This would include such items as insulation in walls, wiring, plumbing, underground pipes or wiring, the adequacy and/or condition of private water and/or sewage disposal systems. An inspection by experts from any specialty construction field may be warranted, as we have no expertise in this field. 10. It is assumed that the property is in compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the report. Also, it is assumed that all applicable zoning and use regulation and restriction have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. 11. No portion of this appraisal will be included in a registration statement or in a prospectus of a security offering without the written consent of the appraiser. 12. The value estimate herein applies to one ownership and, should fractional interest of the property be sold, the sum of the various interests may not be equal to the entirety as reported herein. 13. If pertinent, the cost to cure the functional depreciation indicated in the cost approach is a rough estimate, by one contractor, without in-depth examination of the building or problems that might be involved other than the most obvious. 14. No furniture, furnishings or equipment, unless specifically indicated herein, have been included in the final conclusion. Only the real estate has been considered. 15. This appraisal report covers only the property that is the subject of this report and not figures provided, analysis thereof, or any unity value derived there from are to be construed as applicable to any other property, however similar they may be. 16. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the proper question without prior arrangements. APPRAISAL REPORT VACANT LAND LOCATED AT: LOT 1 WILLIAMS MILL ROAD BURLINGTON, NORTH CAROLINA 27215 AUTHORIZATION: THE APPRAISAL OF THE ABOVE REFERENCED PROPERTY HS BEEN PREPARED AT THE REQUEST OF TROY WOODARD IN A PERSONAL CONVERSATION WITH THIS APPRAISER, WILLIAM R. COMPTON, JR. ON JUNE 10, 2005. DATE OF VALUATION: THE MARKET VALUE IS ESTIMATED AS OF JUNE 15, 2005 AND IS BASED ON CURRENT FINANCING CONDITIONS AS OF THAT DATE. PURPOSE OF APPRAISAL: THE PURPOSE OF THE APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE SUBJECT PROPERTY. THE MARKET VALUE OF A PROPERTY IS DEFINED AS "THE MOST PROBABLE PRICE IN TERMS OF MONEY WHICH A PROPERTY WILL BRING IN A COMPETITIVE AND OPEN MARKET UNDER ALL CONDITIONS REQUISITE TO A FAIR SALE, THE BUYER AND SELLER EACH ACTING PRUDENTLY AND KNOWLEDGEABLE AND ASSUMING THE PRICE IS NOT AFFECTED BY UNDUE STIMULUS. IMPLJCn" IN THIS DEFINITION IS THE CONSUMMATION OF A SALE AS OF A SPECIFIED DATE AND THE PASSING OF THE 71LTE FROM SELLER TO BUYER UNDER CONDITIONS WHEREBY: 1. BUYER AND SELLER ARE TYPICALLY MOTIVATED 2. BOTH PARTIES ARE WELL INFORMED OR 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 TERMS OF FINANCIAL ARRANGEMENTS COMPARABLE THERETO 5. THE PRICE REPRESENTS THE NORMAL CONSIDERATION FOR THE PORPERTY UNAFFECTED BY SPECIAL OR CREATIVE FINANCING OR SALES CONCESSIONS GRANTED BY ANYONE ASSOCIATED WITH THE SALE Scope of the Appraisal Real estate appraisal is a problem solving process in which area data are collected and analyzed to form the basis for an opinion of value. The data which are collected vary with the nature of the property being appraised and the value being sought. The principal determinant of the scope of the data search is the anticipated market for the subject property, because it is incumbent upon the appraisers to study all of the factors which should be considered by a typical buyer. At a minimum the appraisal must typically include a physical inspection of the property, land plans and specifications, including the neighborhood and community in which it is located. A search of public records and inquiries to regulatory agencies is also necessary to determine such information as zoning and other legal restrictions, both present and prospective, tax loads, available utilities and services, and the recent history of ownership of the property. These investigations are routine, and unless stated to the contrary herein, have been performed in this appraisal. Specific exceptions, including both omissions and additional concerns which have been investigated are noted in the appropriate section of this report. Although many physical and regulatory factors vary in significance with the type or size of a property, the area in which the variance is most notable is in the analysis of comparable sales and such related data. For properties with a local market, an investigation of the local neighborhood or community is usually sufficient, although a lack of local comparable data may require investigations in a broader market and marketing area. For properties with a regional or national market, the data search should include all those areas considered to be competitive. On occasion the data search must be expanded to accommodate unusual market conditions, a specialized property, or to include a market known to be similar although distant. Likewise the time period included in a search may be expanded to include sales of property types that do not transfer frequently. Conversely the local market for a property typically considered to have a broader appeal may provide sufficient data upon which to base a value opinion. If the search has been expanded or curtailed in geographic areas, time or property type, this fact is discussed in the analysis of the data. In the absence of qualifying statements, the scope of the data collection and analysis herein is considered appropriate for the nature of the subject property. With this appraisal assignment the scope of our research extends to search for sales of comparable vacant land that we might estimate current land value. We will also search for sales of comparable properties that we might develop an estimate of value for the Market Approach and an indication of an appropriate discount rate or capitalization rate. The nature of the subject property is such that data searches in the greater local area should suffice. The developed data when analyzed, will form the basis for developing indications of value for various aspects of the subject. IDENTIFICATION OF THE PROPERTY: THE SUBJECT PROPERTY IS A VACANT TRACT OF LAND. IT IS IDENTIFIED AS LOT 1 OFF WILLIAMS MILL ROAD, BURLINGTON, ALAMANCE COUNTY, NORTH CAROLINA, 27215. THE CENSUS TRACT NUMBER IS 0207.00. THE METES AND BOUNDS DESCRIPTION IS RECORDED IN THE ALAMANCE COUNTY REGISTER OF DEEDS IN DEED BOOK 552, PAGE 775. IT IS THE SAME PROPERTY IS CURRENTLY OWNED BY JAMES AND INGEBORG PINYATELLO. THE CURRENT SALE CONTRACT FOR THIS PORPERTY IS $266,890. AREA DATA: Area Data: The subject is located in the small city of Graham, North Carolina which adjoins to the west, larger Burlington. The subject property can be identified as Alamance County, a location almost midway between the Piedmont Triangle (Raleigh, Durham, Chapel Hill) on the east and the Piedmont Triad (Greensboro, Winston-Salem, High Point) on the west. Interstate Routes 85/40 traverse the county in the east/west direction with a traffic count of approximately 80,000 cars per day. The 1990 census reported a population of 108,213, an increase of 8.95% over 1980. Alamance County has been the scene of steady and orderly industrial growth for many years. It is now one of the leading industrial counties in North Carolina due to alert, aggressive business leadership, continuing responsible government officials and good planning. Within the county are eight incorporated municipalities ranging in population from nearly 258 to 40,000. The largest is Burlington and the smallest is Alamance. The other six are Graham (10,426), Mebane (4,754), Elon College (4,393), Gibsonville (3,441), Green Level (2,000), and Haw River (1,885). The largest population concentration (80,000) is the urban area comprised of Burlington, Graham, Elon College and other adjacent communities. Population count within 50 miles is 1,800,000 and within a 100 mile radius is 4,800,000. Alamance County has over 293 diversified manufacturers whose products include hosiery, textiles, electronics, molded plastics, laboratory services, life science, education supplies, power lawn mowers, control valves, regulators and electronic motors. Climate: Alamance County enjoys a moderate four-season climate with an average altitude of 656 feet above sea level. Average annual rainfall is in the range of 44 to 51 inches with an average snowfall of approximately 7 inches. The average mean temperature is approximately 60 degrees Fahrenheit with summer extreme highs approaching 100 degrees Fahrenheit and extreme winter lows approaching 0 degrees Fahrenheit. The fall season is generally mild and long with a relatively long summer. The winter and spring are generally short with very unpredictable weather patterns. Transportation: Alamance County is bisected by the combined Interstate 85 (north- south) and Interstate 40 (east-west) highway which is a major eight lane corridor connecting the Piedmont Triad to the Research Triangle. There are two International Airports located within 45 minutes of Alamance County in addition to the Burlington Municipal Airport which is a general aviation facility with 5,000 foot runways. The area is also served by Norfolk Southern Railway with Amtrak service and Carolina Trailways passenger bus lines. Education: The Burlington-Alamance School System consists of 6 high schools, 6 middle schools and 18 elementary schools. There are also three parochial schools and 3 private schools. Alamance Community College offers 42 diploma and associate degree programs in business, industrial, technological and human services, in addition to over 900 continuing education courses. Elon College is a private four year liberal arts college with excellent facilities and staffing for both undergraduate and graduate programs. Some of the most elite universities in the nation including NC State, UNC at Chapel Hill, Duke and Wake Forest are located less than one hour driving time from Alamance County. Employment: Alamance County has a very strong employment record with unemployment being less than five percent for the past 10 years. There are approximately 42,000 households in Alamance County with an average of 2.5 persons per household and a median household income of $32,700. The are 8,200 households with an effecting buying income of more than $50,000. Approximately 80% of area residents work within Alamance County. Approximately 40% of the workforce are involved in manufacturing and 20% in service. Healthcare: Alamance County in 1995 opened a "State of the Art" medical complex known as Alamance Regional Medical Center. The facilities are attracting an insurgence of new highly qualified physicians in addition to the excellent staff that already exists. In addition, there are several well-equipped medical office complexes surrounding the new hospital adding convenience to basic health care needs. The hospital also has a Skilled Nursing Division that has an 83 bed Medicare-certified extended care facility. There are also a number of well-qualified homes for the elderly in the area. Recreation: Alamance County is well known for active recreational facilities. There are more than a dozen municipal parks with facilities scattered throughout the urban area of the county. The YMCA is centrally located with both indoor and outdoor pools, a gymnasium, a bowling alley, tennis courts and athletic fields. The Burlington Indians minor league baseball team is based in the City of Burlington. There are two fully equipped private County Clubs and nine public golf courses. There are three City of Burlington lakes and a Graham-Mebane lake, which provide both boating and fishing opportunities. NEIGHBORHOOD DECRIPTION: THIS PROPERTY IS LOCATED IN WEST BURLINGTON IN AN AREA THAT IS CURRENTLY BBNG HEAVILY DEVELOPED FOR COMMERIOAL USES. SOME OF THE NEW BUSINESSES BEING DEVELOPED ARE TARGET, ROSS, OLD NAVY AND SEVERAL POPULAR RESTURANTS. THERE ARE NEW AND ESTABLISHED RESIDENTIAL NBGHBORHOODS SURROUNDING THIS AREA. A PUBLIC PARK AND BALL FIELDS ARE ALSO IN THIS AREA. THIS AREA HAS SEEN RAPID GROWTH AND APPRECIATION OF PROPERTIES. THIS AREA IS LOCATED ON THE NORTH SIDE OF HIGHWAY 85/40. THE NBGHBORHOOD IS BOUNDED BY CHURCH STREET TO THE NORTH, HUFFMAN MILL ROAD EAST, HIGHWAY 85/40 SOUTH AND THE GUILFORD COUNTY LINE WEST. DESCRIPTION OF THE PROPERTY: THE PROPERTY BBNG APPRAISED IS A 20.53 ACRE TRACT OF LAND LYING ON THE NORTH SIDE OF HIGHWAY 85/40. THE TOPGRAPHY OF LAND IS ROLLING AND IS ZONED R-12 (RESIDENTIAL). CITY WATER AND SEWER IS AVAILABLE IN THE AREA. ZONING AND TAX VALUE: THE SUBJECT PROPERTY IS CURRNETLY ZONE RESIDENT (R-12) BUT THIS AREA IS CURRENTLY BBNG HEAVILY DEVELOPED FOR COMMERCIAL USE. THE TAX VALUE FOR THE SUBJECT IS $113,428 WHICH IS BASED ON A RECENT VALUATION. THE TAX RATE ON THE PROPERTY IS ONE DOLLAR PER ONE HUNDRED DOLLARS OF VALUATION MAKING FOR AN ANNUAL TAX BILL OF $1,134.28 FOR 2004. ENVIRONMENTAL CONDITIONS: FROM A SITE INSPECTION, NO ADVERSE OR HAZARDOUS ENVIRNMENTAL CONDITIONS WERE OBSERVED. THE OWNER OF THE PROPERTY HAS NO KNOWLEDGE OF ANY CONTAINMINATION, AND THE APPRASIAL HAS BEEN MADE SUBJECT TO THAT QUALIFICATION. HOWEVER, THE APPRAISER ASSUMES NO RESPONSIBILTY OF THE POSSIBLE PRESENCE OF ANY HAZARDOUSOR NOXIOUS MATERIALS. THE APPRASIER IS NOT AN ENVIRONMENTAL EXPERT AND NO ENVIRONMENTAL IMACT STUDY WAS MADE. THIS WILL BE LEFT TO THE DISCRETION OF THE BUYER. UTILITIES: THE SUBJECT PROPERTY HAS ACCESS TO ALL PUBLIC UTILITIES: ELECTRICAL, NATURAL GAS, TELEPHONE, WATER AND SEWER. Highest and Best Use One of the most fundamental steps in making an appraisal is the estimate of highest and best use. Highest and best use is defined as "The reasonable and probable use that supports the highest present value, as defined, as to the date of appraisal." Alternatively, highest and best use is "The use, from among reasonable, probable, and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and that results in the highest present land value." The second definition applies specifically to the highest and best use of land or sites though vacant. When a site contains improvements, the highest and best use may be determined to be different from the existing use. The existing use will continue unless and until land value in its highest and best use exceed the sum of the value of the entire property in its existing use and the cost to remove the improvements. Implied in these definitions is that the determination of highest and best use takes into account the contribution of a specific use to the community and community development goals as well as the benefits of that use to the individual property owners. An additional implication is that the determination of highest and best use results from the appraiser's judgment and analytical skill-that is, that the use determined from analysis represents the premise upon which value is based. In the context of most probable selling prices (market value) another appropriate term to reflect highest and best use would be most probable use. In the context of investment value, an alternative term would be most profitable use. For highest and best use of both land as though vacant and property as improved, a use must meet for criteria. The criteria are that the highest and best use must be (1) Physically possible, (2) Legally permissible, (3) Financially feasible, and (4) Maximally productive. These criteria should usually be considered sequentially; it makes no difference that a use is financially feasible if it is physically impossible to construct and improvement or if such a use is not legally permitted. Only when there is a reasonable possibility that one of the prior unacceptable conditions can be changed is too appropriate to proceed with the analysis. Market Approach: A logical and direct approach to estimating value of properties such as the subject is the Market or Direct Sales Comparison Approach. This approach is only applicable when there are a sufficient number of comparable sales that might provide a reliable indication of market value. The Market Approach is developed by locating arms length sales from the open real estate market of similar properties to the subject. Sources used to locate sales are the Multiple Listing Service, the Alamance County Register of Deeds and other Commercial Real Estate Appraisers. The sales are examined and then adjusted to the subject for condition, size, location, time of sale and size of site area. Each comparables will be adjusted for it's appropriate difference in each example. SALE COMPARISON APPROACH: COMPARABLE SALE # 1: TAX MAP 3-24-3 ST. MARKS CHURCH ROAD. SOLD 2-2-1994 FOR $1,320,000 - 51.56 ACRES $1,320,00 / 51.56 ACRES = $25,601 PER ACRE TIME ADJUSTMENT $25,601 + 33% = $34,049 LOCATION SUPERIOR $34,049 - 30% = $23,834 SUBJECT 20.53 x $23,834 = $489.312 COMPARABLE SALE # 2: TAX MAP 3-26-lA DANBROOK ROAD SOLD 1-8-2003 FOR $1,288,000 - 25.84 ACRES $1,288,00 / 25.84 ACRES = $49,845 PER ACRE LOCATION SUPERIOR $49,845 - 50% = $24,923 SUBJECT 20.53 x $24,278 = $498.427 COMPARABLE SALE # 4: TAX MAP 3-26-2 UNIVERSITY DRIVE SOLD 8-12-2004 FOR $1,250,000 -10.59 ACRES $1,250,000 / 10.59 ACRES = $118,036 PER ACRE LOCATION ADJUSTMENT: $118,036 - 60% = $47,214 PER ACRE SUBJECT 20.53 x $47,214 = $969,303 COMPARABLE SALE #5: TAX MAP 3-26-11, 27 RURAL RETREAT ROAD SOLD 6-30-2004 FOR $385,822 - 9.74 ACRES $385,822 / 9.74 = $39,612 PER ACRE SUBJECT 20.53 x $39,612 = $813.234 * ALL COMAPRABLES SALES WERE WITHIN A 1 MILE RADIOUS OF THE SUBJECT IN THE SAME MARKET AREA* CORRELATION OF COMPARABLE SALES. 1 - $489,312 2 - $511,669 3 - $498,427 4 - $969,303 5 - $813,234 THE SALE COMPARISON APPROACH IS THE ONLY RELIABLE METHOD TO INDICATE LAND VALUE WHICH WAS USED IN THIS APPRASIAL REPORT. BASED UPON THE INSPECTION OF THE PROPERTY, RESEARCH AND ANALYSIS OF THE BEST AVAILABLE DATE AND RELATED INFORMATION, IT IS THE APPRAISER'S OPINION THAT THE SUBJECT PROPERTY WOULD HAVE AN UNENCUMBERED MARKET VALUE AS OF JUNE 15, 2005 IN THE ORDER OF: FIVE HUNDRED THOUSAND DOLLARS $500,000 WILLIAM R. COMPTON, JR. LICENSE* A3685 CERTIFIED RESIDENTIAL CERTIFICATE OF APPRAISER WRITTEN REPORTS RESULTING FROM APPRAISAL ASSIGNMENTS We certify to the best of our knowledge and belief, • The statement of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conditions. • I have no present or prospective interest in the property that is the subject of this report, and I have no interest or bias with respect to the parties involved. • My compensation is not contingent on an action or event resulting from the analyses, opinions or conclusions in, or the use of this report. • My analyses, opinions and conclusions were developed and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the American Society of Appraisers and the State of North Carolina Appraisal Board. • The use of this report is subject to the requirements of the American Society of Appraisers relating to its review by its duly authorized representative. • As of the date of this report, I,William 1. Compton, Jr. have completed the requirements under the continuing education program of the State of North Carolina. • I have made a personal inspection of the property that is the subject of this report. • Anyone who has provided significant professional assistance to the person signing this report is named in the report. Date: June IS, 2005 William R. Compton, Jr. License #:A-3685 NORTH CAROLINA APPRAISAL BOARD APPRAISER QUALIFICATION CARD APPRAISER'S SIGN/ffURE EXECUTIVE DIRECTOR Qualifications of Appraiser William R. Compton, Jr. State Certified Real Estate Appraiser A-3685 Association Membership and Designations Licensed Real Estate Salesman #136454 Education General: BS Business Administration University of NC at Charlotte, Charlotte, North Carolina Special: R-l Introduction R-2 Valuation Principles and Procedures R-3 Applied Residential Property Valuation G-l Introduction to Income Property Appraisal G-2 Advanced Income Capitalization Procedures G-3 Applied Income Property Valuation General: TRW Real Estate Loan Services (Title Assistant) Charlotte, NC 1989-1991 Huey Real Estate Co., Inc. 1991-Present William I. Huey Appraisal Service (Appraiser) 1991Present Sample Appraisal Clients: Alamance Bank Bank of America BB&T Mortgage Capital Bank Mid Carolina Bank Suntrust Bank FHA Approved Corporate Investors Mortgage National City Mortgage RBC Centura Bank Morris Plan Bank Wells Fargo OWNERSHIP 08152002 29-113 302 !PROPERTY DESCRIPTION I TAX SUBDIVISIONS I MAP NUMBER CARD NO JAMES D JR ETAI. IVA I 85 IBOONE STATION I 3 27 1 1 I I I RECORD NUMBER:. 5558 1964 O BAKERSFIELD DR 13 24 403631 IELON COLLEGE FIRE I ROUTE SPRING HILL PL 34 610 I ILIST£R:DWF082699- 5 DEED: 552 775 07291988 42000-22IOFF WILLIAMS MILL RD I REVIEW:SK061200 ITOPO I STREET I UTILITY (ZONING 20.53 ACRES NBHD I LEVEL I NONE I ELECTRIC|R 15 3128 (ROLLING I I I NOTES: 1 I LIGHT :EASEKENT 810 912 ISILANDCLASS I SI2E |BASERATE*FRNT»DPTH*ADJ-ADJRATE*UNITS=LND-VALUE II 7COTHRRESII 20.53ACI 65001 10.651 5525120.531 113429 LAND VALUE: 11342& #I OTHER FEAT I SIZE |BASERATE*COND -ADJRATE-UN1TS-OF3-VALUE I OTHER VALUE: IFNDATIONIXTRFNISHIROOFTYPEIROOFMTRLI SIZE/QTYI IWALLFNSHI FLOORS I HEAT SAIRI HEAT FUE L| VACANT #I STRUCTURE ISKTCH-SF*STHT= AREA RATE*GRDF4HEAT4EXWL*WLHT=ADJRAT* AREA- RPCN* DEPF*CNDF=STR-VALUE STRUCTURE VALUE: VALUATIONI VALUE|PREV-VAL.IP-N»I SALE IS-N% | TOTAL VALUE 11342E LAND I 1 1134281 872521130*1 I I bb24LV/AC OTHERFEATI | 01 I 1072919881 I STRUCTURE■ I 01 II 552-7751 I TOTAL | I 1134281 87252113081 42000127081 APPRAISED-VALUE: 113428 SUBJECT PHOTOGRAPH ADDENDUM NOKRIS ■ -» Bono™ JAMES NOKRIS AND KENDALL IIVERMAN Piopcnv \.Hie- OFF WILLIAMS MILL KOAD Cin lilkLINGI'iN '■-.in; AI.AMASCE Sute KC Zip Code JTJ15 Lcnda MID CAROLINA BANK I:ROS1 OF SIEHliC] 1'KOI'KKTV REAR OF SUBJECT PROPERTY scene: COMPTOK APPRAISAL ADDITIONAL PHOTOGRAPH ADDENDUM NQRR1S lio JAMES NORRIS AND KENDALL OVERMAN Property AilO-m OFF WILLIAMS MILL ROAD i.-ny BtJKl.tNflTON iWity AI.AMANCI- _S««Ie NT Zip Cods 2721S \tnJa MID CAROLINA BANK VIEW SPRINGWOOD CHURCH ROAD STREET SCENE SPRINOWOOO CHURCH ROAD COMPTOtl APPRAISAL Page I of I Alamance County, North Carolina Page I of 2 6844132348 WILLIAMS MILL RD PINYATELLO JAMES D JR ETAL Owner Namo Waiting Ariilr.Jts City, Stats Zip PINVATELLO JAMES D JR ETAL 1911 NASHLANDDR IRL1NGT0N NC 27217 Parcel Property Location OFF WILLIAMS MILL RD Parcel ID 8B44132348 Old Map Block Lot Number 3-27-1 Account Number 0000029413 Tax District 36 Tax District Name ELON COLLEGE FIRE School District Classification R Land Use Code 503 Zoning R 15 Zoning Name R IS Legal Description Deeded Acreage 20.53 Legal Description VA 135 Tax Summary Voar Poll Type Nat Tarei Into rail Penalty Oilier rmounl Pjrd Balance 2004 REAL $683.63 J.00 $.00 $.00 -$683.63 $.00 2005 REAL $757.13 $.00 $.00 $.00 $.00 $757.13 Total $1,440.76 $,00 $.00 $.00 -$683.63 $757.13 Sales DoccJ Book and Salo Date Type Sa la Puce Sellei Biiyar Page gg'JUL' $42,000 5S2/775 PINYATELLO JAMES D JR ETAL Values Current Land $113,423.00 Current Building JO. 00 Current Assessed Total $113,428.00 Present Use Value $0.00 Tax Exempt I I L. Sorry, no sketch available for this record [inr):'/icare.alaniance-nc.com^/Forms/PrintDaialelasDX°pin=S84-41j:.i48&i;sD=PROFILEA... 7/20/2005 Alamance County, North Carolina Page 1 of 2 8844844335 ST MARKS CHURCH RD ALAMANCE PROPERTIES OF HICKORY Owner Name Mailing Address City. Sl.ilo. Zip ALAMANCE PROPERTIES OF HICKORY PO BOX 279 CONOVER NC 2B613 Parcel Property Location 5T MARKS CHURCH RD Parcel ID 8844844335 Old Map Block Lot Number 3-24-3 Account Number 0000020392 Tax District 36 Tax District Name ELON COLLEGE FIRE School District Classification C Land Use Code 400 Zoning CB Zoning Name CB Legal Description Deeded Acreage 51.56 Legal Description HA ST MARKS CHURCH RD Building Parcel Dwelling Units 0 Building Style CAPE COD Use Exterior Wall Material FRAME Number of Stories 1.5 Year Bull! 1910 Year Remodeled Total Rooms 3 Total Bedrooms 4 Total Baths 1 Total Half Baths 0 Square Feet of Living Area 986 Basement NONE Basement Finish 0 Basement Rec Room Size 0 Central Heat/Air Cond NONE Heating and Heating 5vstem N/A Heating Fuel Type OIL Construction Quality E-30 Physical Condition VERY POOR Condo Level Condo/Townhouse Type Number of Fireplaces (Masonry) 2 Number of Fireplaces (Prefab) 0 Tax Summary Year Roll Typo Net Ta*'os Intorc:.! Penalty Other Amount Paid Balance 2004 REAL $1,641.04 $.00 $.00 $.00 -$1,641.04 $.00 2005 REAL $34,154.30 $.00 $.00 $.00 $.00 $34,154.30 Total $35,795.34 $.00 $.00 $.00 -$1,641.04 $34,154.30 Sales lmp://icare.alainance-nc.com/Forms/PrintDatale(.aspx'?piii=S8-44844335&.iiSp=PROFILEA. . 7/20/2005 Aiamance County, Nonh Carolina Paae I of 1 8844528366 DAfJBROOK RD COX ASSOCIATES LLC Owner Name Mailing Addreii City. Stalo. Zip COX ASSOCIATES LLC 2475 N CHURCH ST IRLINGTON NC 27215 Parcel Property Location DANBROOK RD Parcel ID 8844528366 Old Map Block Lot Number 3-26-lA Account Number 0000162910 Tax District 36 Tax District Name ELON COLLEGE FIRE School District Classification R Land Use Code 503 Zoning I 1A Zoning Name I 1A Legal Description Deeded Acreage 25.84 Legal Description VA DANBROOK RD Tax Summary faai Roll Type NelTates Interest PenjUy Othoi Amount Paid Balance 2004 REAL $1,910.57 $.00 $.00 $.00 -$1,910.57 $.00 2005 REAL $2,115.99 $.00 $.00 $.00 $.00 $2,115.99 Total $4,026.56 $.00 $.00 $.00 -$1,910.57 $2,115.99 Sales SjIb DjI-; Type Sola Price Deed Bock and Page Sellei Buyer 03-JAN-D3 $1,288,000 1790/639 COX ASSOCIATES LLC Values Current Land $317,002.00 Current Building $0.00 Current Assessed Total $317,002.00 Present Use Value $0.00 Tax Exempt I" I L. Sorry, no sketch available for this record hnp://icaiealamance-nc.com/Foriiis'I)riii!Daialei.aspx1'pin=S844528360&i'sp=PROFILEA.,. 7/20/2005 Aiamance County. North Cnrolina Pane I of 2 8844322951 4195 RURAL RETREAT RD ELLER LARRY T 6 PAMELA JEAN Owner Name Mailing Address Cfty. State Zip ELLER LARRY T Ec PAMELA 4195 RURAL RETREAT BURLINGTON NC JEAN RD 2721S Parcel Property Location 4195 RURAL RETREAT RD Parcel ID 8344322951 Old Map Block Lot Number 3-26-9 Account Number 0000156693 Tax District 36 Tax District Name ELON COLLEGE FIRE School District Classification R Land Use Code 010 Zoning RA 15 Zoning Name RA 15 Legal Description Deeded Acreage 4.4 Legal Description HBA RURAL RETREAT RD Building Parcel Dwelling Units Building Style CONVENTIONAL Use Exterior Wall Material ALUM/VINYL Number of Stories 1 Year Built 1946 Year Remodeled Total Rooms 6 Total Bedrooms 2 Total Baths 1 Total Half Baths 0 Square Feet of Living Area 910 Basement NONE Basement Finish 0 Basement Rec Room Size 0 Central Heat/Air Cond CENTRAL Heating and Heating System N/A Heating Fuel Type OIL Construction Quality D10 Physical Condition AVERAGE CONDITION Condo Level Cond a/Townhouse Type Number of Fireplaces (Masonry) 1 Number of Fireplaces (Prefab) 0 Tax Summary Yeai Roll rypa Hot Ta>oi fnlorest Ponafty Otlwr Aniounl Paid Bolanco 2004 REAL $515.35 $.00 $.00 $.00 -$515.35 $.00 2005 REAL $570.76 $.00 $.00 $.00 $.00 $570.76 Total $1,086-11 $.00 $.00 $.00 -$515.35 $570.76 Sales hrtp.//icare.alamance-nc.com/Foniis/PrinlDala]ot.aspx''pin=S844.122')51&gsp=PROFILEA... 7/20/2005 Alamance County, North Carolina Page I of 2 8844633501 1475 UNIVERSITY DR TARGET CORPORATION Owner N. mi- Mailing Arliir.T.r. City. Stato. Zip TARGET CORPORATION, ATTN: PROPERTY 1000 MICOLLET MINNEAPOLIS MN ADMINISTRATION MALL 55-503 Parcel Properly Location 1475 UNIVERSITY DR Parcel ID 8344633501 Old Map Block Lot Number 3-26-2 Account Number Tai District 12 Taj District Name BURLINGTON School District Classification C Land Use Code 404 Zoning CB Zoning Name CB Legal Description Deeded Acreage 10.59 Legal Description HBA 3764 HOFFMAN PLACE 69 63 LT 2 Tax Summary Yt'.n R'jII Typ'-- M'-t 7.1 "hS Interest Penalty Other Ajuount Paid Batanco 2005 REAL $14,514.72 $.00 $.00 $.00 $.00 $14,514.72 Total $14,514.72 $.00 $.00 $.00 $.00 $14,514.72 Sales Deed Book Typo Sate Price 3d Her Buyer Da to F.i M 12- KIMCO TARGET $1,250,000 2123/237 AUG-O4 BURLINGTON LP CORPORATION Values Current Land $1,588,500.00 Current Building $991,894.00 Current Assessed Total $2,530,394.00 Present Uoe Value $0.00 Tax Exempt Commercial Element Structure Description DISCOUNT DEPT STORE Contruction Type (exterior wal /FIRE RESISTENT Year Built 2004 Gross Floor Area 123803 Number of Stories 01 Land LI mo L.iml Use Classification :ation Area Value 1 11 $1,588,500.00 hnp://icare.alamance-nc.com/Fomis/PrintDataJet.aspx?pin=8844633501&g3p=PROFILEA... 7/20/2005 Page 1 of ■s r *.