The definition of "MARKET VALUE (FAIR MARKET VALUE)" is: A professional opinion of the estimated most probable price expressed in terms of cash in U.S. dollars to be realized for property in an exchange between a willing buyer and a willing seller, with equity to both, neither being under any compulsion to buy or sell, and both parties fully aware of all relevant facts as of the effective date of this appraisal report.

The definition of "MARKET VALUE - IN PLACE" is: A professional opinion of the estimated most probable price expressed in terms of cash in U.S. dollars to be realized for property in an exchange between a willing buyer and a willing seller, with equity to both, neither being under any compulsion to buy or sell, and both parties fully aware of all relevant facts as installed for intended utilization, as of the effective date of this appraisal report.

The definition of "FORCED LIQUIDATION VALUE (AUCTION)" is: A professional opinion of the estimated most probable price expressed in terms of cash in U.S. dollars which could typically be realized in a properly advertised and conducted public auction sale, held under forced sale conditions and under present day economic trends, as of the effective date of the appraisal report. Conclusions taken into consideration are physical location, difficulty of removal, physical condition, adaptability, specialization, marketability, overall appearance and psychological appeal. Further, the ability of the asset group to draw sufficient prospective buyers to insure competitive offers is considered. All assets are to be sold on a piecemeal basis "as is" with purchasers responsible for removal of assets at their own risk and expense. Any deletions or additions to the total assets appraised could change the psychological and or monetary appeal necessary to gain the price indicated.

The definition of "ORDERLY LIQUIDATION VALUE" is: A professional opinion of the estimated most probable price expressed in terms of cash in U.S. dollars which the subject equipment could typically realize at a privately negotiated sale, properly advertised and professionally managed, by a seller obligated to sell over an extended period of time, usually within six to twelve months, as of the effective date of the appraisal report. Further, the ability of the asset group to draw sufficient prospective buyers to insure competitive offers is considered. All assets are to be sold on a piecemeal basis "as is" with purchasers responsible for removal of assets at their own risk and expense. Any deletions or additions to the total assets appraised could change the psychological and/or monetary appeal necessary to gain the value indicated.

The definition of "NEW REPLACEMENT COST VALUE" is: A professional opinion of the cost expressed in terms of cash in U.S. dollars, F.O.B. the manufacturer's plant, to purchase a new item of like quality and specifications. If such an item is unavailable, the appraiser has used his or her best judgment in estimating a value as of the effective date of the appraisal.

In addition to complete appraisal reports with full inspections, we also offer the following:

The definition of "DESKTOP OPINION" is: A professional opinion of the appropriately defined value, expressed in terms of cash in U.S. dollars to be realized by the sale of equipment, in which the opinion is generated from lists and/or other informational materials supplied to the appraiser and evaluated without the benefit of an actual on site inspection. This opinion is not an appraisal and should not be used as an appraisal and is not recommended for use in credit decisions. A desktop opinion is used to determine the need for an appraisal or the scope of an appraisal.

The definition of "WALK-THRU" is: A limited or restricted appraisal whereby the machinery and equipment is given a very brief casual examination for the purposes of only basic identification (including the manufacturer, model, serial number where applicable), of noting general appearance and of noting whether operable, as opposed to a fully detailed examination of condition and of individual specifications. Further, since the machinery and equipment is not inspected in detail (as for a complete appraisal report) a "Walk-Thru" is not, and should not be considered to be the same as, a complete appraisal report. A "Walk-Thru" appraisal is not intended for parties other than the client and its' usage is restricted to the purpose for which it was rendered.

(date prior to date of inspection)

Mr. Samuel Shapiro, President
United Appraisal Services, Inc
85 Anawan Street
Fall River, MA 02721
FAX: 508-677-4717

RE: Letter of Transmittal

We hereby authorize Samuel Shapiro, President of United Appraisal Services, Inc., and/or his assignees, to conduct an on-site inspection of the machinery and equipment assets of the named facility for the purpose of submitting an appraisal report at the agreed upon price as shown below.


Name & location of facility:



Type of facility: Approximate Square Footage (if applicable):



Type of Valuation: (select from attached list of definitions)



Intended Use:

Date Scheduled:

Fee for services:

Authorized by:

Title: