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Badgerland Financial' <br /> UAAR® File No# 1302505 <br /> Uniform Agricultural Appraisal Report <br /> Owner/Occupant: Rudolph and Ericka Straubhaar Trust/vacant Total Deeded Acres: 36.00 <br /> Property Address: County ID Effective Unit Size: 36.00 <br /> State/County: Wisconsin / Dane Zip Code: 53517 <br /> Property Location: Blue Mounds Property Code#: N/A <br /> Highest& Best Use: Speculation/ag "As If"Vacant FAMC Comd'ity Gp: N/A <br /> c N/A "As Improved" Primary Land Type: Cropland <br /> O Zoning: A-1 Primary Commodity: Corn <br /> coo Unit Type: \Economic Sized Unit X Supplemental/Add-On Unit <br /> FEMA Community# FEMA Map# FEMA Zone/Date: <br /> 0 Legal Description: See attached description. SEC 7 TWP 6N RNG 6E Attached X <br /> 2? Purpose of Report: Estimate Market Value <br /> >1 Use/Intended User(s): Possible sale/trustees <br /> rs... Rights Appraised: Fee simple subject to easements and rights of way of record. <br /> 2 Value Definition: See definition page. Attached I X <br /> it Assignment: See scope of work. Report Type: Summary Report <br /> Extent of Process/Scope of Work: See the next three pages for the scope of work. <br /> Summary of Facts and Conclusions <br /> Date of Inspection: 10/14/13 Effective Date of Appraisal: 10/14/13 <br /> Value Indication -Cost Approach: $ <br /> - Income Approach: $ 140,000 <br /> -Sales Comparison Approach: $ 225,000 <br /> Opinion of Value: (Estimated Marketing Time 6-10 months) $ 225,000 <br /> Cost of Repairs: $ Cost of Additions: $ <br /> Allocation: Land: $ 225,000 $ 6,250 / acre ( 100 %) <br /> L Land Improvements: $ $ 0 I ( 0 %) <br /> EStructural Improvement Contribution: $ $ 0 / acre ( 0 %) <br /> E Non-Realty Items: $ $ 0 / ( 0 %) <br /> N Leased Fee Value (Remaining term of encumbrance ) $ $ 0 t ( 0 %) <br /> r Leasehold Value: $ $ 0 1 ( 0 %) <br /> a Overall Value: $ 6,250 / acre ( 100 %) <br /> ce <br /> Income and Other Data Summary: X Cash Rent Share Owner/Operator I I FAMC Suppl.Attached <br /> iii <br /> Income Multiplier ( ) Income Estimate: $ 126.25 / acre (unit) <br /> Expense Ratio 7.48 % Expense Estimate: $ 9.44 / acre (unit) <br /> . Overall Cap Rate: 3.00 % Net Property Income: $ 116.81 1 acre (unit) <br /> a <br /> Area-Regional-Market Area Data and Trends: Subject Property Rating: <br /> Above Avg. Below N/A Above Avg. Below N/A <br /> Avg. Avg. Avg Avg. <br /> Value Trend X Location I I X <br /> Sales Activity Trend X I Soil Quality/Productivity . I I XI 11 <br /> Property Compatibility j j I X Improvement Rating i i 1 i X <br /> Effective Purchase Power X I Compatibility ❑ <br /> Demand � R E <br /> Rentability n � ` li H <br /> Development Potential X Market Appeal H Ix X! 1 <br /> Desirability X Overall Property Rating X <br /> ©1998-2012 AgWare, Inc.All Rights Reserved. Page 1 of 27 <br />