Appraiser is instructed to develop an opinion of the market value of the as is, fee simple interest of the Property, which is encumbered by a license, and based on the Appraiser’s supported economic highest and best use for the Property as follows: • The Appraiser shall first report, regardless of any larger parcel determination, a market value conclusion for each tract provided herein, and calculate an aggregate per acre value containing all tracts. • If the Appraiser’s determination(s) of Highest and Best Use finds that there are legal limitations (i.e. zoning) that, if altered, would produce a significant difference in the conclusion, the appraiser may employ a Hypothetical Condition (i.e. rezoning) to consider value under a proposed Highest and Best Use. Likewise, if differences between each tract exist that cannot be reconciled into a uniform determination that applies to the entire acreage, the appraiser may suppose an appropriate Hypothetical Condition (i.e. assemblage, partitioning) that would allow for maximal use benefitting a future purchaser. In both cases the Appraiser shall document in the appraisal why the Hypothetical Condition(s) was employed.
