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Johanneck Appraisals, LLC <br /> Malinda M.Johanneck <br /> File No.Pequot5053Hemm <br /> May 17,2005 <br /> Earl Hemmerich <br /> PO Box 385 <br /> Nisswa, MN 56468 <br /> File Number. Pequot5053Hemm <br /> Dear Mr.Hemmerich, <br /> In accordance with your request, I have personally inspected and appraised the real property at: <br /> • <br /> XXX County Road 112 <br /> Pequot Lakes,MN 56472 <br /> The purpose of this appraisal is to estimate the market value of the subject property, as vacant. <br /> The property rights appraised are the fee simple interest in the site. <br /> In my opinion, the estimated market value of the property as of May 6,2005 is: <br /> $654,500 <br /> Six Hundred Fifty-Four Thousand Five Hundred Dollars <br /> The attached report contains the description, analysis and supportive data for the conclusions, <br /> final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. <br /> /3,6 A41 14 ‘cDDO/fit ;` -na(sn <br /> Sincerely, <br /> **-1-1-;i0614 .0e <br /> Malinda M.Johanneck <br /> Johanneck Appraisals, LLC <br /> 12924 Acorn Ridge Lane, Merrifield,MN 56465 Office 218-765-4280 Fax 218-765-8358 <br />