EFiled: May 28 2024 03:2aER
`Transaction ID 73246056
`(iA ia]
`Case No. 2020-0804-MTZ Uees
`EXHIBIT “N”
`
`EFiled: May 28 2024 03:24PM EDT
`Transaction ID 73246056
`Case No. 2020-0804-MTZ
`
`

`

`DOVER CONSULTING SERVICES, INC
`Real Estate Appraising & Consulting
`
`REAL ESTATE APPRAISAL OF
`
`MERGENTHALLER PROPERTY
`
`1000 Stanton Road
`Wilmington, New Castle County, Delaware 19808
`
`DATE OF VALUE ESTIMATE
`June 10, 2021
`
`PREPARED FOR
`
`THE ESTATE OF
`
`LAWRENCE E MERGENTHALLER
`
`Ms Gwen Thornton
`1720 Bennington Drive
`Harrisburg, Pennsylvania 17112
`
`PREPARED BY
`Philip J McGinnis, CCIM, GAA
`Charles H Darrell
`555 East LoockermanStreet
`Dover, Delaware 19901
`
`DATE OF APPRAISAL REPORT
`July 12, 2021
`
`

`

`DOVER CONSULTING SERVICES, INC
`Philip J McGinnis, CCIM, GAA,President
`555 East Loockerman Street
`Dover, Delaware 19901
`(302) 736 — 1365 * (302) 736 — 2715 fax
`
`July 12, 2021
`
`THE ESTATE OF LAWRENCE E MERGENTHALLER
`
`Ms Gwen Thornton
`1720 Bennington Drive
`Harrisburg, Pennsylvania 17112
`
`RE:
`
`_MERGENTHALLER PROPERTY
`
`1000 Stanton Road
`Wilmington, Delaware 19808
`
`Dear Ms Thornton,
`
`Enclosed is the appraisal requested of the above- referenced property for the intended
`use of determining the market value for estate settlement purposes. The appraisal report
`attached describes completely the appraised property, the market area, the results of the
`investigation and analysis, and the reasoning leading to the conclusionsset forth.
`
`to the certification, assumptions, special conditions, and
`is subject
`The report
`extraordinary assumptions as set forth in this report and employed in deriving the value
`indication as reported herein, and is completed in compliance with the Code of Professional
`Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the
`Uniform Standards of Professional Appraisal Practice.
`
`The market value of the fee simple interest of the property in "as is” condition is
`derived as of June 10, 2021. All values are based on a personal inspection of the property,
`and the investigations and analyses undertaken.
`
`The sales comparison, cost, and income approachesare investigated in deriving the
`value estimate reported herein. Conveying the ultimate value estimate derived in this report
`without conveying the reasoning, conclusions and other information employed in the
`valuation process may convey a misleading value conclusion.
`
`

`

`Ms Gwen Thornton
`July 12, 2021
`Page 2 of 2
`
`Enclosed is an original of the report including exhibits for the purpose as defined in
`this report. This report should not be reproduced, in whole orin part, nor represented in any
`other context, except under those circumstances under which this report was prepared as
`described herein.
`
`Respectfully submitted,
`
`Claly #! Aatall
`
`Charles H Darrell
`Certified General Real Property
`Appraiser
`Dela Certificate # X1-0000207
`Expires October 31, 2021
`Maryland Certificate # 10574
`Expires March 9, 2024
`
`
`
`Philip J. McGinnis, CCIM, GAA
`Certified General Real Property
`Appraiser
`Dela Certificate # X1-0000040
`Expires October 31, 2021
`Maryland Certificate # 10096
`Expires March 3, 2022
`
`enclosures
`mergenthaller
`221072
`merg.xls
`
`

`

`SUMMARYOF IMPORTANT FACTS AND CONCLUSIONS
`
`SUBJECT PROPERTY
`
`Mergenthaller Property
`
`PROPERTY TYPE
`
`Commercial & Industrial
`
`LOCATION
`
`TAX MAP #
`
`1000 Stanton Rd, Wilmington,
`New Castle County, Delaware
`
`08-045.10-163
`
`PROPERTY OWNER:
`PROPERTY RIGHTS APPRAISED
`
`Lawrence E Mergenthaller, Trustee
`Fee Simple Interest
`
`DATE OF VALUE ESTIMATE
`DATE OF REPORT
`
`June 10, 2021
`July 12, 2021
`
`HIGHEST AND BEST USE
`As Though Vacant
`As Improved
`
`Available for Commercial & Industrial Use
`Commercial Use
`
`SITE DESCRIPTION
`
`3.22 Ac, On Site Utilities
`
`IMPROVEMENTS DESCRIPTION
`
`4,080 SF Shop Building
`
`ZONING
`
`FLOOD ZONE:
`
`CENSUS TRACT:
`
`EXPOSURE TIME:
`MARKETINGTIME:
`
`I, Industrial District
`New Castle County Zoning Ordinance
`Legally Conforming Use
`
`Map 10003C0305L; Dated 1/22/20; Zone X
`
`131
`
`9-12 Months
`9-12 Months
`
`MARKET VALUE ESTIMATE
`
`Cost Approach
`Sales Comparison Approach
`Income Approach
`
`N/A
`$725,000
`N/A
`
`Final Value Estimate
`
`$725,000
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`TABLE OF CONTENTS
`
`Letter of Transmittal
`Summary of Important Facts and Conclusions
`Table of Contents
`
`Certification
`Assumptions and Special Conditions
`
`PRELIMINARY
`
`IDENTIFICATION
`
`Identification of Appraised Property
`Definition of Assignment
`Purpose & Use of the Appraisal
`Effective Date of Appraisal
`Definition of Market Value
`Property Rights Appraised
`Scope of Appraisal
`Property History
`
`PROPERTY DATA
`
`Tax Map
`Subject Photographs
`Description of Site & Improvements Analysis
`Assessment and Taxes
`
`HIGHEST AND BEST USE ANALYSIS
`Highest and Best Use as Vacant
`Highest and Best Use as Improved
`Highest and Best Use Conclusion
`
`Valuation Process
`Sales Compatison Approach
`Analysis of Comparable Land Sales
`
`VALUATION
`
`Analysis of Market Exposure Time & Marketing Time
`
`Reconciliation of Market Value
`
`RECONCILIATION
`
`Comparable Sales Map
`Comparable Sale Photographs
`Definitions, Valuation Methodology, Appraiser’s Qualifications
`
`ADDENDA
`
`(a
`
`NREp>
`
`uiWo
`
`xo9
`
`10
`10
`11
`
`12
`13
`17
`20
`
`21
`22
`22
`
`23
`
`30
`
`31
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`CERTIFICATION
`
`The undersigned Certifies that, to the best knowledge andbeliefofthe appraiser:
`
`Thestatements and facts contained in this report, upon which the analyses, opinions, and
`conclusions expressed herein are based, are true and correct. Information, estimates, and
`opinions furnished to the appraiser, and contained in this report, are obtained from sources
`consideredreliable and believed to be true and correct, however, no responsibility for accuracy
`of such items can be assumedby the appraiser. The appraiser has not knowingly withheld any
`significant information.
`
`The reported analyses, opinions, and conclusions are limited only by the reported
`assumptions and special conditions. This report sets forth all ofthese special conditions imposed
`by the termsofthe assignment, or by the appraiser, affecting the reported analyses, opinions, and
`conclusions, andare the personal and unbiasedprofessional analyses, opinions, and conclusions
`of the appraiser.
`
`That there is no presentor prospective personalorfinancialinterest ofthe appraiser(s) in
`the herein described property, or in respectto the parties involved, that could bias this appraisal
`in any way. Compensationis in no way contingent upon any action or eventresulting from the
`analyses, opinions, or conclusionsin, or the use of, this report.
`
`The appraiser was not required to report a pre - determined value or direction in value
`that favors the cause ofthe client or any related party, the amountof the value estimate, the
`attainment of a specific result, or the occurrence of a subsequent event in order to receive
`compensation and/or employmentfor performing the appraisal. The appraiser did not base the
`appraisal on a requested minimum valuation, a specific valuation, or the need to approve a
`specific mortgage loan.
`
`Nooneother than the undersigned has provided significant professional assistance in
`preparing the analyses, opinions, and conclusions containedin this report except where specified
`herein. No changeof anyitem in this report shall be made by anyoneotherthan the undersigned,
`and the undersigned shall have no responsibility for any such unauthorized change.
`
`Disclosure of the contents of this report is governed by the Bylaws and Regulations of
`the Appraisal Institute, and the useofthis report is subject to the requirementsof the Appraisal
`Institute relating to review byits duly authorized representatives. Otherwise, the undersigned
`will not disclose the contents ofthis report except as provided for in the Uniform Standards of
`Professional Appraisal Practice.
`
`DOVER CONSULTINGSERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`4
`
`The appraiser has personally inspected the appraised property, both inside and out, and
`has made an exterior inspection ofall comparable properties listed in this report. Further, the
`appraiser has noted any apparent or known adverse conditions in the subject improvements, on
`the subject site, or on any site within the immediate vicinity of the property of which the
`appraiser is aware and has made adjustmentsfor these adverse conditions,if any, in the analysis
`of the property value to the extent that market evidence exists to support such adjustments.
`Further, comments are included in this report concerningthe effect ofthe adverse conditions,if
`any, on the marketability of the property.
`
`This report has been madein conformity with, and is subject to, the requirementsofthe
`CodeofProfessional Ethics and Standards of Professional Appraisal Practice of the Appraisal
`Institute and the Uniform Standards of Professional Appraisal Practice that were approved and
`published by the Appraisal Standards Board of the Appraisal Foundation as of December 31,
`1990. The appraiser acknowledgesthat an estimate ofreasonable time for exposurein the open
`market is a condition in the definition of market value, and the estimate of marketing time of
`the property developedin this appraisalis consistent with existing market conditionsas reported
`in the Market Analysis section of this report unless otherwise stated in the Reconciliation Of
`Market Value section hereof. The appraisers have not previously appraised the subject property
`or performed any other service within the past three years.
`
`Respectfully submitted,
`
`Chaly #Narall
`
`Philip J. McGinnis, CCIM, GAA
`Certified General Real Property
`Appraiser
`Delaware Certificate # X1-0000040
`Expires October 31, 2021
`Maryland Certificate # 10096
`Expires March 3, 2022
`July 12, 2021
`
`Charles H Darrell
`Certified General Real Property
`Appraiser
`Delaware Certificate # X1-0000207
`Expires October 31, 2021
`Maryland Certificate # 10574
`Expires March8, 2024
`July 12, 2021
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`ASSUMPTIONS AND SPECIAL CONDITIONS
`
`This report was prepared considering the following assumptionsandspecial conditions,
`and extraordinary assumptions:
`
`All information containedin this report is obtained from sources deemedreliable in the
`appraiser's experience, and all information has been verified by the appraiser to the greatest
`extent possible.
`
`This report is to be used in whole andnotin part. No part ofit shall be reproduced or
`used in conjunction with any other appraisal.
`
`I accept no responsibility for considerations for expertise involving other fields which
`mayaffect the value conclusion derived herein, including but not limited to legal descriptions
`and surveying, geologic considerationssuchas soils and seismicstability, andcivil, mechanical,
`electrical, structural and other engineering and environmental matters.
`
`The appraiser assumesthatthere are no hidden or unapparentconditionsofthe property,
`subsoil, or structures, which wouldrender it more or less valuable. The appraiser assumes no
`responsibility for such conditions, or for engineering which might be required to discover such
`factors.
`
`The appraiser assumes noresponsibility for matters whichare legal in nature, nor does
`the appraiser render any opinionasto thetitle, which is assumedto be good and marketable, nor
`does the appraiser assume any responsibility for conformity of present zoning regulations.
`Further, the appraiser assumesnoresponsibility for conformity of zoning or building codes for
`any contemplated future construction. The property is appraised as though under responsible
`ownership.
`
`The legal description containedin this report was obtained from theland recordsat the
`Recorder of Deedsat the New Castle County, Delaware Administration Building. A survey of
`the land and/or the improvements was furnishedto the appraiser.It is assumed that this legal
`description is the true and correct metes and bounds description.
`
`Although measurements,areas, unit prices, and other numericalpresentations contained
`herein are made with care and deliberateness, a small degree of rounding and approximation is
`occasionally used forfacility and expediency.
`
`Anysketch in the report may show approximate dimensionsandis included to assist the
`readerin visualizing the property and understandingthe appraiser's determinationofits size. The
`appraiser has madeno survey ofthe property.
`
`The estimate of market value reported herein is not based in wholeor in part upon the
`race, color, or national origin of the prospective owners or occupantsofthe property, nor ofthe
`present owners or occupants of properties in the vicinity of the property.
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`laws, ordinances, regulations or codes
`No changes in any federal, state, or local
`(including the Internal Revenue Code) havebeen anticipated unless otherwise noted herein.
`
`Thevalue conclusion derived herein disregardsthe effects of mortgages, liens, leases,
`and other such encumbrances, unless otherwise noted herein.It is assumed that there are no
`existing judgments, pendingor threatened lawsuits, including condemnation,or other similar
`actions which could effect the value conclusion of the appraised property.
`
`The value conclusion derived herein excludes the value of any subsurface oil, gas, or
`mineralrights, if any exist, andit is assumedthat the appraised property is not subject to surface
`entry for the exploration of removal of such materials.
`
`Neither all, nor any part of the content of this report, or copy thereof (including
`conclusions as to the property value, the identity of the appraiser, professional designations,
`reference to any professional appraisal organizations, or the firm with which the appraiseris
`connected), shall be used for any purposeotherthan that stipulated in this report by anyone but
`the client specified in this report, the borrowerifappraisal fee paid by same; the mortgageeorits
`successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any
`state or federally - approved financialinstitution, any department, agency,or instrumentality of
`the UnitedStates or anystate or the District of Columbia, without my previous written consent,
`norshall it be conveyed by anyone to the public through advertising, public relations, news,
`sales, or other media, without my written consent and approval.
`
`The value conclusion derived herein incorporates numerousestimates, assumptions, and
`expectations regarding property condition, property performance, market conditions, competitive
`properties, and other such matters. Some estimates and assumptions maynotbe realized, and
`someunanticipated events may materialize. Therefore, actual results realized during the period
`covered bythe analyses will vary from the estimates. These variations maybe substantial.
`
`I accept no responsibility for events, actions, condition, or circumstancesaffecting the
`appraised property or the value conclusion derived herein that take place subsequentto the date
`this appraisal report has been submitted.
`
`This appraisal report is made for valuation purposes only. It is neither intended nor
`purported to be an engineering report. Appraisers are not qualified engineers, and therefore are
`not qualified to render opinionsasto the structural integrity ofthe improvements. The appraiser
`makes no warranties or representations, nor acceptsliability for the structuralintegrity, quality,
`adequacy, or capacities of the improvements andutility services, including the construction
`materials, and specifically the foundation,structure, roof, and mechanical systems.It is strongly
`recommendedthat a qualified Engineering/Structural inspection be madeofthe improvements,
`particularly in the event there is some question regarding these matters. The value conclusion
`derived herein assumesthat all improvements, utility services, and mechanical systems are
`structurally sound and suffer no concealed or latent defects or inadequacies.
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`Anydistribution ofthe valuation in the appraisal between land and improvements applies
`only under the existing program ofutilization. The separate valuations for land and building
`must not be used in conjunction with any other appraisal and are not valid if so used.
`
`The value conclusion derived herein appliesto the real estate only, and excludespersonal
`property, trade or other fixtures, machinery and equipment, business value, goodwill, or other
`non- realty items, unless otherwise noted herein.
`
`The contents of this report are for limited private use only. If it becomes necessary to
`testify in court in support ofthe value estimate, an additionalfee will be charged. Additional fees
`will be charged for any further consultation, reappraisal, or review of the property, or for any
`permission to copy or reproduceall or part of this report.
`
`The Americans with Disabilities Act (ADA) becameeffective January 26, 1992. The
`appraiser did not make a specific compliance survey and analysis of the building and/or other
`improvements to determine whether or not the appraised property is in conformity with the
`various detailed requirements ofthe ADA,or with requirements imposedbystate law andlocal
`building codes andregulations.It is possible that a compliance survey ofthe property, together
`with a detailed analysis of the requirements of the ADA and state and local regulations, could
`reveal that the appraised property is not in compliance with one or more requirements ofthe
`ADAand/orstate and local regulations. If the property does not comply with the ADAorstate
`andlocal regulations, this fact could have a negative effect upon the value ofthe property. Since
`the appraiser has no direct evidence relating to this issue, possible non-compliance with the
`requirements ofthe ADA andstate and local regulations have not been consideredin estimating
`the value ofthe property. No responsibility is assumed for any possible non-compliance with the
`requirements ofthe ADAorwith state andlocal regulations, or for any expertise of engineering
`knowledge required to discover such non-compliance.
`
`Environmental Disclaimer : The value estimated in this report is based on the assumption
`that the property is not negatively affected by the existence of hazardous substances or
`detrimental environmental conditions. The appraiser is not an expert in the identification of
`hazardous substances or detrimental conditions. The appraiser’s routine inspection of and
`inquiries about the property did not develop any information that indicated any apparent
`significant hazardoussubstancesor detrimental environmental conditions which would affect the
`property negatively. It is possible that tests and inspections made by a qualified hazardous
`substance and environmental expert would reveal the existence of hazardous materials and
`environmental conditions on or around the property that would negatively affect its value.
`
`On all appraisals subject to satisfactory completion of construction, repairs to, or
`alterations ofthe improvements, the report and value conclusion are contingent upon completion
`of construction, repairs to, or alterations of the improvements in a workmanlike manner.
`
`This report has been made in conformity with, and is subject to, the requirements ofthe
`Codeof Professional Ethics and Standardsof Professional Appraisal Practice of the Appraisal
`Institute and the Uniform Standards of Professional Appraisal Practice.
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`Acceptanceof and/oruseofthis report constitutes acceptance ofall ofthe assumptions
`and special conditions contained in this report.
`
`The property is utilized as a salvage yard and parkinglot. There maybe possible oil leaks
`from vehicles or other sources. The appraisers assume no contamination onthe site, and the
`property is valuedas if clean. If the property is found to contain any contamination, the value
`estimated may change. Theappraisers take no responsibility for any change in reported condition
`or change in value.
`
`DOVER CONSULTING SERVICES,INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`IDENTIFICATION OF APPRAISED PROPERTY
`
`The appraised property is known as the Mergenthaller Property at 1000 Stanton Rd,
`Wilmington, New Castle County, Delaware. Theproperty is a 3.22 acre parcel of industrial land
`with a shop building.
`
`PROPERTYADDRESS:
`
`1000 Stanton Rd, Wilmington,
`New Castle County, Delaware.
`
`DEED REFERENCE:
`
`20011011 0084313
`
`TAXMAP NUMBER:
`
`Mill Creek Hundred,
`08-045.10-163
`
`CENSUS TRACT:
`
`131
`
`DEFINITION OF ASSIGNMENT
`
`Wewere asked by Ms Gwen Thorntonfor the Estate of Lawrence E Mergenthaller, the
`intendeduser, to provide an appraisal report, for the intendeduse of deriving the market value
`of the appraised property for estate settlement, and for no other use.
`
`The effective date ofthis appraisal for the property in “as is” condition is as ofthe date of
`inspection, June 10, 2021. The date ofthis report is July 12, 2021.
`
`MARKET VALUE
`
`The definition of market value, according to Standards of Professional Appraisal
`Practice, Appraisal Foundation, 1990,is the most probable price which a property should bring
`in a competitive and open market underall conditions requisite to fair sale, the buyer andseller
`eachacting prudently, knowledgeably, and assumingthepriceis notaffected by undue stimulus.
`Implicit in this definition is the consummationofa sale as of a specified date and the conveying
`oftitle from seller to buyer under conditions whereby:
`
`(a)
`(b)
`
`(c)
`(d)
`
`(e)
`
`Buyerandseller are typically motivated;
`Both parties are well informed and well advised, and each acting in what they
`consider their own bestinterest;
`A reasonable time is allowed in the open market;
`Paymentis made in termsof cash in United States dollars, or in terms of
`financial arrangements comparable thereto;
`The price represents the normal consideration for the property sold unaffected by
`special or creative financing or sales concessions * granted by anyoneassociated
`with thesale.
`
`DOVER CONSULTINGSERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`10
`
`Any attempt to disseminate all or any part of this report in an effort to represent the
`analyses contained herein for any other purposeorin any other form than that purpose defined
`hereinaboveshall affect the analyses containedherein, andis therefore expressly prohibited.
`
`PROPERTY RIGHTS APPRAISED
`
`The property rights appraised are those rights which accrue to the ownership ofreal
`estate in fee simple estate, which is an absolute ownership interest in a certain parcel of land,
`improved or unimproved, unencumberedby anyotherinterest or estate, and subject only to the
`limitations of eminent domain, escheat, police power, and taxation. Fee simple estate is
`inheritable. The value estimate derived in this report is based upon the property in as is
`condition.
`
`This report does not attemptto identify or qualify any easements orotherrights of any
`municipal, county,state, or federal governments,or any other regulatory agencies, in connection
`with, or located on the property.
`
`This report doesnot attemptto set forth any opinionsasto thetitle or legal ownership of
`the property, nor anyinterestor partial interest ofany partner or any stockholderin the property.
`The value estimate derived in this report is based upon the property in “as is” condition.
`
`SCOPE OF APPRAISAL
`
`The scopeofthis report consists of: inspection ofthe property and collection and analysis
`of available land and building data; examination of primary and secondary data for relevant
`sales, leases, listings, and income data; inspections of comparablesale andrental properties;
`verification offacts; analysis ofthe regional and local markets; analysis ofhighest and best use;
`application of appropriate valuation methods;reconciliation of value estimates to derivea final
`value conclusion; and completion of a written report of the findings.
`
`The scope ofthe work doesnotinclude any equipment,fixtures, or goodwill ofthe going
`concern businessenterprise.
`
`Charles H Darrell, an associate in the supervisory appraiser’s firm, is the principal
`appraiser in this assignment, and the field appraiser. Mr Darrell personally inspected the
`appraised property, collected all general and specific data for the property, comparablesales and
`lease data, personally inspected the exteriorof all comparable properties, and drafted the report
`including the ultimate value conclusion. Mr Darrell is a Certified General Real Property
`Appraiser in both Delaware and Maryland.Pleaserefer to the Qualification ofCharles H Darrell
`in the Addendaofthis appraisal report.
`
`is the owner of the firm and the
`Philip J McGinnis, CCIM, GAA, ALC, e-PRO,
`supervisory appraiser in this assignment. Mr McGinnis did personally inspect the appraised
`property. Mr McGinnis contributed to this appraisal assignmentin a supervisory capacity, and
`assisted in the developmentofthe conclusionofthe final value estimate. Mr McGinnis assumes
`
`DOVER CONSULTINGSERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`1]
`
`complete responsibility for the final work product, and assures the client that the principal
`appraiser is competent to complete the appraisal assignment. Mr McGinnisis a Certified General
`Real Property Appraiser in both Delaware and Maryland.Please refer to the Qualification of
`Philip J McGinnis in the Addendaof this appraisal report.
`
`In conformanceto the Competency Provision of the Uniform Standardsof Professional
`Appraisal Practice,
`the appraiser certifies that he is competent to perform the appraisal
`assignment.
`
`APPRAISAL REPORT TYPE
`
`In accordance with USPAP,an appraiser may communicate the results of a complete or
`limited appraisal report in one oftwo formats: Appraisal Report or Restricted Appraisal Report.
`This report is an appraisal report.
`
`APPRAISAL INSTRUCTIONS
`
`This report has been prepared and completed in compliance with uniform standards of
`Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989
`(FIRREA),andis subject to the requirementsofthe Code of Professional Ethics and Standards
`of Professional Appraisal Practice of the Appraisal Institute, and the Uniform Standards of
`Professional Appraisal Practice that were approved and published by the Appraisal Standards
`Boardofthe Appraisal Foundation. Theappraisal is completed in compliance with Shore United
`Bank appraisal guidelines.
`
`PROPERTY HISTORY
`
`The most recent conveyanceof the property is a transfer on October 10, 2001, into the
`Grantee, Lawrence E Mergenthaller, Trustee, for consideration of $200,000, and found in New
`Castle County Deed Reference 20011011 0084313.
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`12
`
`TAXMAP
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`13
`
`SUBJECT PHOTOGRAPHS
`
`WEST VIEW
`
`PHOTO: CH DARRELL;6/21
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`14
`
`SUBJECT PHOTOGRAPHS
`PHOTO: CH DARRELL;6/21
`
`NORTH VIEW
`
`EAST VIEW
`
`PHOTO: CH DARRELL;6/21
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`SUBJECT PHOTOGRAPHS
`
`15
`
`EAST VIEW
`
`
`PHOTO: CH DARRELL;6/21
`
`SHOP
`
`PHOTO: CH DARRELL; 6/21
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`16
`
`SUBJECT PHOTOGRAPHS
`
`INTERIOR
`
`PHOTO: CH DARRELL;6/21
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`PROPERTY DATA
`
`17
`
`The property description in an appraisal analyzes factual data of the site and any
`improvementsin relation to the neighborhoodanddistrict characteristics that create, enhance, or
`detract from the utility and marketability of the appraised property compared with competing
`comparable properties.
`
`The purposeofthe property description is to describe the physical characteristics of the
`property, which is used asa basis for analysis of comparables,a basisfor allocation ofvalues to
`land and improvements, an understanding of the present land use, and as a foundation for
`determining the highest andbest use of the property.
`
`The property description section will vary accordingto the rights being valued, the type
`ofproperty beingvalued, and the approach to value the appraiserutilizes in solving the specific
`appraisal problem.Thissection is the foundation ofthe report, andit is used in determining the
`applicability ofthe various data accumulated and analyzed by the appraiserin derivingthe value
`indication.
`
`SITE DATA & ANALYSIS
`
`Location:
`
`Land Area:
`Shape & Topography:
`Frontage & Access:
`Utilities:
`Sewer:
`Water:
`
`Parking:
`Flood Hazard:
`
`Wetlands:
`
`Hazardous Conditions:
`
`Zoning:
`
`WestSide of Stanton Rd, Wilmington,
`New Castle County, Delaware
`3.22 Acres
`Irregular and Level; Clear
`Stanton Rd
`
`Central)
`Central)
`Adequate Supply
`Asphalt Paved - Adequate
`Flood Rate Insurance Map 10003C0305L,dated 1/22/20,
`Zone X
`None Apparent.
`Accordingto the property representative a portion of the
`property does not drain water appropriately.
`Above Ground Tanks. Possible oil leaks. No other
`knowntoxic or hazardous substances present on the
`property as of the date of the personnel inspection.
`
`I, Industrial District
`New Castle County Zoning Ordinance
`Legally Conforming
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`18
`
`The zoningdistrict permits manufacturing, commodity sales, retail commercial uses, and
`public uses. Bulk regulations include:
`
`
`er
`
`
`
`
`
`FRONT YARD SETBACK
`
`
`
`The parcel appears to be a legally conforming use, according to the zoning district
`classifications. However, the appraiser is not qualified to render a zoning opinion andit is
`suggested that the appropriate planning and zoning official be contacted for an official Zoning
`Certificate.
`
`Land UseRestrictions:
`No known unusual easements or encroachments noted on the personalinspection,or in
`discussions with the property owner. Typicalutility and drainage easements.
`
`The property is used as a parking facility with multiple spaces rented for storage
`Comments:
`purposes. Rental data was unavailable to the appraisers.
`
`Theparcelis able to be developedto a suitable density for the use with adequateutilities,
`typical topography, and othercharacteristics permitting the improvements.
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`19
`
`IMPROVEMENTDATA AND ANALYSIS
`
`Building Size:
`
`4,080 SF — Shop Building
`
`Building Height:
`Construction Detail:
`Foundation:
`Framing:
`Wall Height:
`Floor:
`Exterior Walls:
`RoofStructure:
`Roof Cover:
`Overhead Doors
`Mechanical Detail
`HVAC:
`Plumbing:
`Utility Service:
`Interior Detail
`Layout:
`
`1 Story
`
`Concrete Slab
`Steel Frame
`14’ — Clear Span
`Concrete Slab
`Metal Panels
`Steel Frame
`Metal Panels
`4— At Grade
`
`Oil Forced Air Furnace
`Restroom
`Adequate
`
`4,080 SF — 4 Bay Shop
`
`Comments:
`The building is of average quality and construction. There is advanced accrued
`depreciation in the building due to physical deterioration from normal wear because the
`improvements are older construction. No functional obsolescenceis evident in the building.
`Accordingto the class and specificationsofthe building, the economiclife is 40 years. There are
`no extraordinary adverse easements or encroachments noted on the personal inspection. There is
`no external obsolescence to the property.
`
`DOVER CONSULTINGSERVICES, INC * APPRAISING & CONSULTING
`555 E LoockermanStreet, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`ASSESSMENT AND TAXES
`
`The property is in New Castle County in the Red Clay SchoolDistrict, and the property
`taxes are as follows.
`
`20
`
`Parcel 163
`
`Total
`Assmt
`
`Taxes
`
`
`
`
`
`
`$156,400
`
`$5,174.90
`
`The taxes are expected to remain stable, and the taxes should increase only with the
`entire area wide increases or improvements to the property.
`
`DOVER CONSULTING SERVICES, INC * APPRAISING & CONSULTING
`555 E Loockerman Street, Dover, DE 19901 * (302) 736 - 1365
`
`

`

`HIGHEST AND BEST USE
`
`The