APPRAISAL REPORT HOLIDAY INN EXPRESS LOCATED AT 11818 MIAMI STREET OMAHA, NEBRASKA 68164 AS OF: NOVEMBER 21, 2017 PREPARED FOR: MR. WILLIAM M. LIEN VICE PRESIDENT CREDIT ADMINISTRATION CORNHUSKER BANK P.O. BOX #80009 LINCOLN, NEBRASKA 68501 PREPARED BY: MR. DENNIS J. KNUDSON, MAI KNUDSON APPRAISAL SERVICES 13425 “A” STREET SUITE #11 OMAHA, NEBRASKA 68144 KNUDSON APPRAISAL SERVICES 13425 “A” Street Suite #11 Omaha, Nebraska 68144 (402) 932-4959 – Office (402) 320-2581 – Cell
[email protected] December 7, 2017 Mr. William M. Lien Vice President Credit Administration Cornhusker Bank P.O. Box #80009 Lincoln, Nebraska RE: Appraisal Report Renovated Holiday Inn Express Located at 11818 Miami Street Omaha, Nebraska 68164 Dear Mr. Lien: In accordance with your request, I have appraised the above captioned property. The property is legally described within this report. In making this appraisal I have considered the pertinent data applicable to the appraised property. As a result of my analysis of the factors influencing this valuation, it is my opinion that the market value of the subject property in fee simple estate, subject to my underlying assumptions and limiting conditions, and my certification, as of November 21, 2017, is as follows: “ As Stabilized ” Furniture, Fixtures & Equipment (FF&E) $ 800,000 Real Estate $ 7,200,000 Total Realty Value $ 8,000,000 It is estimated that it will take approximately one (1) year to reach stabilized occupancy. Therefore, the “As Complete” value or alternatively, “As Is” value is discounted 1 year at 10%. Therefore, the following applies: “As Stabilized” Value $ 8,000,000 Discount Factor @ 10% for 1 Year .