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Executive Summary <br />Extraordinary Assumptions <br />An extraordinary assumption is defined as "an assignment -specific assumption as of the effective date <br />regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's <br />opinions or conclusions." 1 <br />The subject property is improved with a community garden and a coffee shop. At the request of the <br />client, this valuation is limited to the underlying land only. No consideration has been given to the <br />improvements. <br />This valuation is limited to the underlaying land only. We have assumed that the subject is vacant <br />unentitled land. <br />• The use of these extraordinary assumptions may have impacted the assignment result. <br />Hypothetical Conditions <br />A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is <br />contrary to what is known by the appraiser to exist on the effective date of the assignment results but is <br />used for the purposes of analysis." 2 <br />None noted <br />Ownership and Property History <br />The subject property is owned by the City of Santa Ana and. In 2020 the City of Santa Ana entered into a <br />ground lease with Thrive Santa Ana Community Land Trust who subsequently developed a micro -farm on <br />the site. It is our understanding that the Thrive Santa Ana Community Land Trust is interested in purchasing <br />the underlying land from the City of Santa Ana. <br />CBRE is unaware of any arm's length ownership transfers of the property within three years of the date of <br />appraisal. Further, the property is not reportedly being offered for sale as of the current date. <br />Exposure/Marketing Time <br />Current appraisal guidelines require an estimate of a reasonable time period in which the subject could be <br />brought to market and sold. This reasonable time frame can either be examined historically or prospectively. <br />In a historical analysis, this is referred to as exposure time. Exposure time always precedes the date of <br />value, with the underlying premise being the time a property would have been on the market prior to the <br />date of value, such that it would sell at its appraised value as of the date of value. On a prospective basis, <br />the term marketing time is most often used. The exposure/marketing time is a function of price, time, and <br />use. It is not an isolated estimate of time alone. <br />1 The Appraisal Foundation, USPAP, 2024 Edition (Effective January 1, 2024) <br />2 The Appraisal Foundation, USPAP, 2024 Edition (Effective January 1, 2024) <br />CBRE VALUATION & ADVISORY SER/ICES v © 2025 CBRE, INC <br />