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094 <br /> the present use, the appraisal report shall contain the analyses by which the <br /> APPRAISER reached his conclusions as to the highest and best use and as to the <br /> relative suitability or adaptability of the property for any other available <br /> uses for which the property could reasonably be considered to be suitable or <br /> adaptable. The analysis of. a potential use shall include consideration of <br /> relevant matters, such as the suitability of the location, the environment, and <br /> the legal and physical attributes of the property for such use, the estimated <br /> cost, if any, of converting the property to such use, and the supply, sale <br /> price levels, and relative desirability of other properties that would compete <br /> for the same kind of use. Because the APPRAISER'S finding as to the highest and <br /> best use is a conclusion that the property does not have a higher present value <br /> for any other use, the analysis of the property for the process of appraising <br /> the property and, therefore, may be included in the valuation analysis furnished <br /> in accordance with Paragraph 10 hereof. <br /> 10. Property Valuation and Appraisal Analysis. The opinion of the APPRAISER <br /> as the fair market value of the property. The appraisal report shall contain <br /> a description of the reasoning process used by the APPRAISER in reaching his <br /> conclusion as to value and all data and analyses needed to explain and support his <br /> valuation. The supporting data and analyses furnished in the appraisal report <br /> shall include, among other things, the following: <br /> a. An analysis of the property, as identified and described in accordance <br /> with the preceding paragraphs of this SECTION, from the point of view <br /> of evaluating the effect of its characteristics and attributes on its <br /> value for the available use or uses for which the property is best suited. <br /> Particular attention shall be given to the characteristics of the property <br /> most relevant to its value, such as, in the case of an investment property, <br /> the income potential and the expense of ownership, maintenance, and <br /> operation. <br /> b. Evaluation of information with respect to previous sales of the property <br /> appraised and any recent offers of the owner to sell the property. <br /> c. The data and the analyses that constitute the principle basis for the <br /> APPRAISER'S opinion of the fair market value. Information shall be <br /> furnished with respect to recent sales of other properties which are <br /> considered by the APPRAISER to be comparable with, and the provide useful <br /> evidence of the value of, the property appraised. The information furnished <br /> with respect to each such comparable property and its sale shall include, <br /> among other pertinent facts, the names of the grantor and grantee, the <br /> date of the sale, the sale price, any special terms or conditions or <br /> circumstances of the sale that affected the transaction, and a description <br /> of the property and its condition at the time of sale in sufficient detail <br /> for use in comparing it with the property appraised. The appraisal report <br /> shall contain the APPRAISER'S analysis of each comparable property and <br /> its sale in relation to the property appraised. The APPRAISER'S analysis <br /> in each case shall reflect consideration of, and appropriate allowances <br /> for, the difference in the time of the sale and the date of appraisal <br /> and the differences in the utility, desirability, and productivity of <br /> the properties that are pertinent to their relative value. The appraisal <br /> report shall contain a valuation data map showing the location of the <br /> property appraised and the comparable properties referred to in the <br /> appraisal report. <br /> d. All other information, analysis, and the estimates considered by the <br /> APPRAISER to be relevant to the estimation of the fair market value of <br /> the property. <br /> e. If the property appraised is part of a larger parcel in the same owenrship <br /> or is less than the entire interest of the owner in the property, the <br /> appraisal report shall contain the APPRAISER'S opinion of just compensation <br /> for a taking of such property or interest, using the before-and-after <br /> method of valuation as interpreted under State law unless it is obvious <br /> that there would be no damages or benefits to the remaining property or <br /> interest of the owner. However, if the part or interest to be taken <br /> is such a small part of the whole property that the damages for the <br /> taking can be more accurately estimated directly, that method may be <br /> used if permitted under State law, without estimating the fair market <br /> value of the entire property of the owner. The foregoing opinions of <br /> the APPRAISER shall be supported in his report by the data and analysis <br /> -7- <br />