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G, A ( 0 =Aa R. E. PITTS & ASSOCIATES, INC. Real Estate Appraisers - Consultants City of South Bend November 21, 2013 c/o Mr. Dave Relos Department of Community Investment Economic Resources 227 West Jefferson Blvd., Suite 1400 South Bend, IN 46601 Re: Appraisal of former Hotel LaSalle building, 237 N. Michigan Street, South Bend, IN, 46601 Dear Mr. Relos: Pursuant to your request, I hereby submit a proposal for appraisal services for the above referenced subject property. The appraisal shall be prepared for and is for the sole and exclusive use of the client, its representatives and assigns. The purpose of the appraisal is to estimate the "Market Value In Use" of the Fee Simple Interest in the subject property "As -Is ". The effective date of valuation will be March 1, 2013 (retrospective), the date of local property tax assessment for 2013 /payable 2014 real estate taxes. The property will be inspected by the undersigned appraiser. In this assignment, the appraiser will consider all recognized and relevant approaches to value. The appraisal will be reported in Narrative Format and will conform to the reporting requirements of Standards Rule 2 -2b of the Uniform Standards of Professional Appraisal Practice (USPAP). I have no present or prospective interest in or bias with respect to the property that is the subject of the appraisal assignment, and have no personal interest or bias with respect to the parties involved with this assignment. I have not provided prior services as an appraiser regarding the subject property within 3 years immediately preceding acceptance of this appraisal assignment. The completion date for the assignment is estimated to be within 21 -30 days, assuming receipt of any relevant documentation needed for preparation of the reports in a timely manner. I will furnish (2) original copies of the appraisal report and an electronic transmission (pdf format). The total fee for this assignment shall be $4,300 which will be invoiced and shall be due upon completion of the report. The appraisal assignment shall be considered complete upon delivery of the appraisal report. Fees for any additional services such as PTABOA appearances or preparation for such appearances as well as driving time shall be invoiced at a rate of $165.00 per hour. Rick Pitts, MAI 50580 Woodbury Way - Granger, IN 46530 574- 272 -3224 - Fax: 574- 272 -3224 MAI • PittsMA1(Q)aol.com