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i RICHARD TABER APPRAISALS 82 MAIKAI STREET HILO, HI 96720 (808) 959-3887 VOICE (808) 959-9036 FAX ATABER a~JtTABERCOM (EMAIL) W W W.RTAHER.COM July 17,2007 Hank Correa Realty, LLC At your request we have completed an appraisal of the easemrnt "SW-2", for sewer line and water line purposes (5.00 feet wide) affecting and within Ale¢aio Lace; being a portion R P 5706, LCAw 8521=B, Apene 2 to G. B Hueu, Kukuau 2 ,South Hilo, Isla¢d of Hawau, Hawaii. This easement contains a total of 239 agft end has been sttrveyed by Paul H. Murray on Lune 19, 2007. SCOPE: ThIs section supports the attached appraisal form. This appraisal is a complete, summary report, and conforms to the Un'rform Standards of Professional Appreisal Practice tsffective July 1, 2008 • I physically inspected the subject property. • I am a member of the Hawaii Island Board of Realtors and searched in their database for wmparable sales used in this report. All comparables have been verfied. Sales that occurred outside of MLS services are also Included,rf applicable to this report. • Unless otherwise staled in the appraisal report, the appraiser has no knowltsdge of any hidden or unapparenl conditions of the property that would make Ute property rase or less valuable and makes no guarantees or warranties, express or implieQ regarding the condition of the property. 1. This appraisal has been prepared for our client Hank Cornea Realty. 2. The purpose of this appraisal is to wtima[e the value of a waterline and sewer easement [hat crosses parcel 34 and portions of Alenaio SneeL 3. The 1¢trnded User of this appraisal report is the County of Hawaii. The Intended Uae is to evaluate value of the easement subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by dte appraiser. 4. If this report is placed in the hands of anyone but the client, client shall make such party awaze of all [he assumptions and limiting conditions of the assignment. One comparable sale, idrndfied as easement SW-1 for sewer line and water ice proposes (5 Ceet wide) affecting and within TMK (3) 2-3-18-34. Being a portion of R P 5706, LCAw. 8521-H Apma 2 m G B - Hueu, Kukuau, South Hilo, Island of Hawau, Hawaii. The total area for this easement is 819 agft. Dam of sale for easemrnt: ON13/2007. Sales Price: 52,000. Price per square foot for this comparable: 52.44.' Applying this rote to the subject easement of 239 agft = 5583.64 or rounded m 5584.00. By granting of the easement, there would be no severance damages or special bevefits associated with d,e conveyance of the easement. From older sales of vacant land of the same zoning, TMK (3) 2-2-9-53 containing 3,195 agft sold for $32,000 on 04/082005. The price per agft is S 10.02. It is nomal appraise] practice m value Utis type of easement at 20% of the full fee simple value. Accordi¢gly, $10.02 X .20 = 52.00 per square foot for an easement. This sale was for [he entire lot, with exclusive use for the purebaser. Final reconciliatio¢ of values From the ceaenrent sale identified earlier as SW-1 my Snal opinio¢ of value is 52.44 pet square foot From the sale located at TMK (3) 2-2-9-53, my 5na1 opinion of value is 52.00 per square foot. . For the proposed easement as identified es SW-2, my final opindon of valor is 52.44 per square_fopt; _ - _ - - 152.44 per agft is reasonable Cor the Bmited xwer and water line easerent. My opinion of value for [his easement is $584.00 (rounded). Attached to this report are two surveys, SW-I is the compazab a sale as descri d' Je. SW-2 represents the subject of this report: dte proposed easement for ter se chard Taber Dau: 07/17/2007 Certified Generel Appraiser License p 7, Smte of Hawaii EXHIBIT "F"