The appraisal's intended use is to determine the property's current market value for acquisition negotiations in preparation for a potential sale of the Island. The valuation shall include the water rights associated with Jersey Island and those associated with RD-830. The market value definition to be used in the report is from the Office of the Comptroller of the Currency, State of California. CFR Title 12, Part 34, Subpart C, § 34.42 Definitions. Provide the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
