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Conditions of Sale <br /> Adjustments for conditions of sale usually reflect the motivations of the buyer and the seller. In <br /> many situations the conditions of sale may significantly affect transaction prices. <br /> In this case, no adjustments were applied. <br /> The previous adjustments, if required, are applied sequentially. <br /> Market Conditions <br /> Real estate values normally change over time.The rate of this change fluctuates due to investors' <br /> perceptions of prevailing market conditions. This adjustment category reflects value changes, if <br /> any, that have occurred between the date of the sale and the effective date of the appraisal. <br /> In this analysis, we determined the as-stabilized market value using the date of December 1, <br /> 2016June 1, 2017. All of the comparables were adjusted to this date.The sales that are included <br /> in this analysis occurred between August 2013 and August 2016. The market has improved over <br /> this period; as such, we apply an annual market conditions adjustment of 2.00%. <br /> Time - Market Conditions adjustments are applied after the previous adjustments, but before <br /> any of the following adjustments. <br /> Location <br /> Location has a significant impact on property values. This adjustment category considers general <br /> market area influences as well as a property's accessibility and visibility from a main <br /> thoroughfare. Differing rent levels or land values are typically good indications that a location <br /> adjustment is required. <br /> First, macro-level location adjustments were applied to comparables 1, 4 and 5, to account for <br /> overall differences in locations, surrounding development, proximity to the core TCMA and <br /> general neighborhood access characteristics <br /> Second, we apply specific micro-level location adjustments to all comparables as appropriate, <br /> based on the following analysis: <br /> 81 <br />