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0~ U~ 0> t%"42(i. <br />1164 BISHOP STREET • SUITE 1512 • HONOLULU, HAWAII 96813 <br />TELEPHONE: (808) 524-3602 • FAX: (808) 536-3104. <br />September 2, 2005 <br />Mr. Patrick Corrigan <br />c% Mark Mitchell <br />Waa Waa Designs <br />76630 Mamalahoa Highway <br />Holualoa, Hawaii 96725 <br />REGARDING: APPRAISAL OF 709 SQUARE FOOT ALII DRIVE ROAD RIGHT-OF-WAY; <br />KAILUA-KONA. HAWAII <br />Dear Mr. Conigan: <br />In accordance with your request, we have prepared an appraisal report on the above- <br />mentioned piece of land. <br />The purpose of this appraisal is to estimate the market value of the fee simple interest in <br />709 square feet of land of the Alii Drive road right-of--way abutting the parcel located at 75-5683 <br />Alii Drive. The effective date of the appraisal is August 29, 2005 and the date of this report is <br />September 2, 2005. <br />A survey provided by Wes Thomas Associates, dated 813/05 indicates that 709 square <br />feet of the building and improvements located at 75-5683 Alii Drive encroach onto the County of <br />Hawaii right-0f-way along Alii Drive. For the purposes of this analysis the 709 square feet being <br />appraised is assumed to be vacant, which is a hypothetical condition. <br />The intended use of the report is to assist Patrick Corrigan and Sabu Shake Jr. and the <br />County of Hawaii in the negotiating the purchase of the 709 square feet of land. Patrick Corrigan . <br />grid Sabu Shake Jr. are in the process of purchasing 75-5683 Alii Drive, which is a 2-story <br />restaurant known as "Oceanview Inn". <br />The method used to estimate the market value of the 709 square foot road right-of-way is <br />to estimate the value of the abutting parcel (75-5683 Alii Drive, Tax Map Key: (3) 7-5-06-14) that <br />encroaches onto the right-of-way. The market value of this parcel is considered the value of the <br />709 square foot piece of land. This method of valuation is based on some of the principles of the <br />"across the fence method°. This method is defined later in the report. <br />This is a Complete Appraisal that is presented in a summary format and is subject to the <br />Limiting Conditions and Underlying Assumptions located at the end of this report. <br />REAL ESTATE APPRAISERS AND CONSULTANTS <br />