1st Reading - Jersey City

Port/on 'of PJP Landfill Site,Jersey City New JerseyGeneral DataPurpose and Date of the AppraisalThe purpose of this appraisal is to provide a market value estimate of a vacant lotowned by Edwin L. Siegel and a related entity, Edlin, Ltd. as of November 1,2008, The subject property is identified on the Jersey City tax rolls as: \Truck Route'l& 9 and Sip Avenue, Block 1627, Lots l.P, 2.A, 3.B, 5.ABlock 1639.A, Lots l.C, 3, 4, 4.C, 6.A, 7Jersey City, New JerseyDefinition of Market ValueThe most probable price which a: property should bring in a competitive and open-tarket under all conditions requisite to fair sale, the)JUyer and seller each actingprudently and knowledgeably, and assuming the price is not affected by unduestimulus, Implicit in this definition is the consummation of a sale as of a specifieddate 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 or well advised, and acting in what theyconsider their best interests;, '-3. a reasonable time is allowed for exposure in the open market;4. payment is made in terms of cash in Unìted States dollars or in terms offinancial arrangements comparablethereto; and5. the price represents the normal consideration for the property soldunaffected by special or creativé finanCing or sales concessions grantedby anyone associated with the sale. 1i ;Uniform Standards of Professional AI1I1raisal Practice (USPAP). Washington, DC,The Appraisal Foundation, 2005VALUE RESEARCH GROUP, LLC 8