Chunn Ranch Easements — Gonzales City Council, October 21, 2024

CHUNN RANCH
Grant of Easement - Sanitary Sewer Easement
Grant of Temporary Easement
Appraisal Report - Chunn Ranch
Recording requested by:

CITY OF GONZALES
147 Fourth Street
Gonzales, CA 93926
And when recorded mail copy to:

CITY OF GONZALES
Public Works Department
PO Box 647
Gonzales, CA 93926
No Recording fee - Government Code § 27383 Space above this line for Recorder's use

GRANT OF EASEMENT
THIS GRANT OF EASEMENT (this "Easement Agreement") is made as of _ 2024, by Chunn Ranch LLC, a California Limited Liability Company ("Grantor"), for the benefit of the City of Gonzales, an incorporated City ("Grantee"), with reference to the following recitals:

RECITALS
A. Grantor owns that certain real property commonly referred to as APN No. 223-011- 032, in the County of Monterey, State of California.

Grantee has requested a permanent easement to operate, maintain, repair, enlarge, replace, and if elected by Grantee, abandon sanitary sewer/water lines, manholes, handholes, and appurtenances within (the "Easement Purpose'") a portion of the Property more particularly described on Exhibit A attached hereto (the "Easement Area"), and depicted on the site plan attached hereto as Exhibit B.

NOW, THEREFORE, in consideration of the foregoing recitals, the covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor hereby declares as follows:

Easement. Grantor hereby grants to Grantee a permanent non-exclusive easement to the Easement Area for the Easement Purpose; and for the further purpose of ingress, egress and passage across with all the necessary materials, tools, supplies, and other equipment related to the Easement Purpose, together with a right of way upon, over, under, through and across the Property to access the Easement Area (the "Easement"). Grantor agrees for itself, its successors and assigns, not to erect, place or maintain, nor to permit the erection, placement or maintenance of any building, planter boxes, earth fill or other structures over the hereinafter described Easement

2. Compensation. Grantor acknowledges receipt of compensation from Grantee for the Easement in accordance with the value of the property per the Appraisal Report dated August 19, 2024.

Maintenance. Grantor hereby grants to Grantee a perpetual non-exclusive easement for maintenance and repair purposes over the Easement Area and such portions of the Property as are reasonably necessary for such maintenance and repair. Grantee shall be responsible for all costs associated with the Grantee's use of the Easement.

4. No Gift or Dedication. Nothing contained in this Easement Agreement shall be any public use or purpose whatsoever, it being the intention of the parties that the Easement and expressed with respect to private property solely for the benefit of the parties and their respective tenants, invitees and licensees.

5. Mortgagee Protection. No breach or violation of this Easement Agreement or of the restrictions provided herein shall render invalid the lien of any mortgage, deed of trust or similar instrument securing a loan made in good faith and for value with respect to any portion of the Property, but all of the provisions of this Easement Agreement shall be binding upon and ettective against any subsequent owner (including any mortgagee or beneficiary under a deed of trust) who acquires title to the Property or any portion thereof, by foreclosure, trustee's sale, deed in lieu of foreclosure, or otherwise.

6. Notice of Material Issue. Grantor shall promptly notify Grantee in writing of any material issue or fact that may affect the Easement.

7. Governing Law. This Easement Agreement shall be governed by and construed in accordance with the laws of the State of California.

Successors and Assigns: Covenants Running with the Land. This Easement Agreement is binding upon and shall inure to the benefit of the parties and their respective successors and assigns, tenants, invitees and licensees. All of the provisions of this Easement Agreement shall be enforceable as equitable servitudes and constitute covenants running with the land pursuant to applicable law, including, without limitation, Section 1457 et. seq. of the California Civil Code.

9. Severability. If any provision of this Easement Agreement is prohibited or held to be invalid, illegal or unenforceable for any reason, the parties hereto agree to the fullest extent permitted by law that (a) the validity, legality and enforceability of the other provisions shall not be affected or impaired thereby and (b) the parties hereto shall endeavor in good faith negotiations to replace the invalid or unenforceable provisions with valid and enforceable provisions, the economic effect of which comes as close as possible to that of the invalid or unenforceable provisions.

10. Remedies. In the event of any breach or threatened breach of any provision of this Easement Agreement, the parties hereto may prosecute any proceedings at law or in equity to enjoin such breach or threatened breach and to recover damages for any such breach. The remedies 2 permitted or available pursuant to the provisions of this Easement Agreement shall be cumulative and in addition to any rights or remedies available at law or in equity.

11. Indemnification.

Grantee shall indemnify, defend and hold Grantor, and its officers, employees and agents (collectively, the "Grantor Parties") harmless from and against any and all Losses, claims, demands, costs, expenses, liens, fines, penalties, liabilities, judgments and damages resulting directly from Grantee's exercise of any rights granted to Grantee under this Easement Agreement, provided that Grantee shall not be required to indemnify or hold any Grantor Party harmless from and against any loss, claim, demand, cost, expense, lien, fine, penalty, liability, judgment or damages arising from the willful or negligent acts or omissions of a Grantor Party. (b) Grantor shall indemnify, defend and hold Grantee, and its officers, affiliates, contractors, employees and agents (collectively, "Grantee Parties") harmless from and against any and all losses, claims, demands, costs, expenses, liens, fines, penalties, liabilities, judgments and damages resulting directly or indirectly from or related to Grantor's exercise of any rights retained by Grantor under this Easement Agreement or arising from the willful or negligent acts or omissions of a Grantor Party, provided that Grantor shall not be required to indemnity or hold Grantee harmless from and against any loss, claim, demand, costs, expense, lien, fine, penalty, liability, judgment or damages arising from the willful or negligent acts or omissions of a Grantee Counterparts. This Easement Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument. The signature page of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical thereto except having additional signature pages executed by other parties to this Easement Agreement attached thereto.

13. Cost of Enforcement. If any legal or equitable action or proceeding is instituted by one party against the other to enforce or interpret any provision of this Grant, the party prevailing in such action shall be entitled to recover from the losing party all of its costs of suit, including, but not limited to, reasonable attorneys' fees awarded by the court. [Signatures appear on the following pages]
3 IN WITNESS WHEREOF, this agreement is hereby executed on the day and year first above-written.

Grantor:

By:

Name:

Title:

LA notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA
) SS.

COUNTY OF
2024 before me,
personally appeared
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.
(Seal)
Notary Public
IN WITNESS WHEREOF, this agreement is hereby executed on the day and year first above-written.

Grantee: City of Gonzales
By:

Name: Carmen Gil
Title: City Manager
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA
) ss.

COUNTY OF )
personally appeared
ne that he/she/they executed the same in his/her/their authorized capacity(ies), and that b is/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which thi person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct
WITNESS my hand and official seal.
(Seal)
Notary Public

EXHIBIT A
Legal Description of the Easement Area
A-1
Grant Deed of
Easement #1 - Sanitary Sewer Easement Area
APN 223-011-032
Chunn Ranch LLC to City of Gonzales

LEGAL DESCRIPTION
Situate within Tract 4C of the Rancho Rincon de la Punta del Monte, City of Gonzales, Monterey County, State of California, being a portion of the land described in the deed recorded January 9, 1995 in Reel 3189 at Page 1129, Official Records of said County, being more particularly described as follows:

A strip of land lying easterly of, adjacent to and contiguous with an existing 15 foot wide sewer easement as described in the deed recorded in Reel 321 at Page 21, Official Records of said County, described as follows:

COMMENCING at an angle point in the northeasterly line of said land described in Reel 3189 at Page 1129; thence along the northeasterly line of said land, North 53° 34' 26" East, 11.34 feet to the POINT OF BEGINNING; thence continuing along said northeasterly line 1) North 53° 34'26" East, 4.66 feet; thence departing said northeasterly line 2) South 11° 37'55" West, 856.13 feet; thence
3) South 69° 40' 37" West, 12.79 feet to a point on the easterly line of said existing sewer easement described in said deed; thence along said easterly line 4) North 12° 08' 50" East, 859.46 feet to the POINT OF BEGINNING.

Containing an area of 5,969 square feet, more or less.

This legal description was prepared by:
ayr a Koach ALA.

Lynn A. Kovach P.L.S. 5321 *
550
Dated: July 31, 2024 SAT OF CAL ORAT
A-2

EXHIBIT B
Site Plan of Easement Area
B-1

EXHIBIT
Easement #1 Location
OF EASEMENT #1
SANITARY SEWER EASEMENT WITHIN APN 223-061-023
TRACT 4C IN THE RANCHO RINCON DE LA

PUENTE DEL MONTE, CROSSING LANDS OF CHUNN
RANCH DESCRIBED IN REEL 3189, PAGE 1129, APN APN APN
223-011-032 223-011-036 223-011-059

OFFICIAL RECORDS OF MONTEREY COUNTY

GONZALES, CALIFORNIA

VICINITY MAP
Not to scale
New TCE D'Arrigo
New 50' encumbering Document #2020000064
wide TCE 7 D'Arrigo Existing SS easement APN 223-061-023 1831-OR-467
POC
- POB B-2
New TCE Existing SS easement
encumbering 321-OR-21
Chunn Existing SS easement
1831-OR-456
Easement #1 - New SS
encumbering Chunn Chunn Ranch LLC
3189-OR-1129
APN 223-011-032
LEGEND

PROPERTY LINE
TEMPORARY CONSTRUCTION COURSE # IN LEGAL DESCRIPTION
PREPARED BY: EASEMENT TCE TEMPORARY CONSTRUCTION

POLARIS LAND SURVEYING LIMITS OF NEW SANITARY EASEMENT

CARMEL VALLEY, CA SEWER EASEMENT SANITARY SEWER EASEMENT 831-659-9564

NEW SANITARY SEWER EASEMENT POB POINT OF BEGINNING
SCALE: 1" = 90 VIEW: CHUNN SS DATE: 08-01-2024
FILE NAME: IWTF SS PLATS.DWG 20-129.02 EXISTING SANITARY SEWER EASEMENT POC POINT OF COMMENCEMENT

GRANT OF TEMPORARY EASEMENT
THIS GRANT OF TEMPORARY EASEMENT (this "Temporary
Easement") is made as of → 2024, by Chunn Ranch LLC, a California Limited Liability Company, ("Grantor"), for the benefit of the City of Gonzales, an incorporated City ("Grantee"), with reference to the following recitals:

RECITALS
A. Grantor owns that certain real property commonly referred to as APN No. 223- 011-032, in the County of Monterey, State of California.

Grantee has requested a temporary easement to perform the activity, more particularly described in Exhibit A (the "Improvements"), attached hereto and incorporated herein by reference.

C. Grantee has requested temporary access to a portion of the Property more particularly described on Exhibit B attached hereto (the "Temporary Easement Area"), and depicted on the site plan attached hereto as Exhibit C.

Easement. Grantor hereby grants to Grantee a temporary easement to the Temporary Easement Area for the Improvements; and for the further purpose of ingress, egress and passage across with all the necessary materials, tools, supplies, and other equipment related to the Improvements, together with a right of way upon, over, under, through and across the Property to access the Temporary Easement Area (the "Easement").

2. Term. The term of this Temporary Easement shall commence when performance of the Improvements begins, no earlier than November 1, 2024, and shall automatically terminate upon completion of the Improvements or no later than May 1. 2025.

Grantee shall provide Grantor at least twenty-four (24) hours' notice prior to performance of any Improvements. Grantor shall grant no rights inconsistent with the reasonable exercise by Grantee of its rights under this Temporary Easement.

3. Cost. The Grantee shall beresponsible forall costs and expenses associated with performance of the Improvements, except for those cost or expenses resulting from the negligence or willful misconduct of the Grantor. See Exhibit A for other exceptions, if any.

4. Compensation. The Grantee shall compensate the Grantor for the use of the Temporary Easement in accordance with the Appraisal Report, updated August 19, 2024.

Value of the Temporary Easement was predicated on an appropriate land rent for the Temporary Easement area and duration. Total compensation for the Temporary Easement is $4,865.00, four thousand, eight hundred and sixty-five dollars and zero cents.

5. Performance of the Improvements. Time is of the essence with respect to the performance of the Improvements, and to the extent reasonably feasible, the Grantee shall diligently pursue completion of the Improvements.

6. Safety. Grantee shall erect and maintain on the Property, as necessary, reasonable safeguards for safety and protection, including reasonable barriers or posting of danger signs and other warnings against hazards, promulgating safety regulations, and notifying owners and users of adjacent sites and utilities.

7. Revocable Licenses and Termination. This Temporary Easement shall be revocable by the Grantor only if the Grantee fails to comply with any provision herein.

Revocation may not occur until Grantor has provided the Grantee with written notice of the alleged breach and at least ten (10) days to cure. During said 10-day period to cure, the Parties shall meet and confer regarding the alleged breach and potential cure. Notice to the Grantee of any alleged breach shall be sent to Patrick Dobbins, Public Works Director, 147 4th Street.

Gonzales, CA. If Grantor terminates this Temporary Easement at any time after performance of the Improvements has commenced, but prior to the completion of such Improvements, or if Grantor otherwise prohibits or impedes Grantee right to enter the Property hereunder, the Grantee shall not be liable for any actions, claims, suits, penalties, obligations, liabilities, or damages to the Property, environmental claims or injuries to persons, which may be caused by Grantee's performance of the Improvements pursuant to this Temporary Easement or arising out of or in connection with performance of the Improvements, whether such activities or performance thereof is by Grantee or anyone directly or indirectly employed or under contract with Grantee, and whether such damage or claim shall accrue or be discovered before or after the termination of this Temporary Easement.

Restoration of the Property. As part of the Improvements to the Property, Grantee shall, at its own cost and expense, restore the Property to a substantially similar condition in which it was prior to Grantee's performance of the Improvements. In the event that Grantor terminates this Temporary Easement for any reason other than a Grantee default and at any time after performance of the Improvements has commenced, but prior to the completion of such Improvements, the Grantee shall not be obligated to restore the Property as described herein.

9. Continuing Liability. Except asotherwise set forth in this Temporary Easement, no termination of this Temporary Easement shall release the parties from any liability or obligation hereunder resulting from any acts. omissions or events happening prior to the termination of this Temporary Easement and restoration of the Property.

10. Counterparts. This Temporary Easement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties hereto have executed this Temporary Easement on the date first written above.

CITY OF GONZALES OWNER
By:_ By:

Carmen Gill, City Manager Name

EXHIBIT A
Description of Work
The scope of work is as follows:

1. Installation, testing and commissioning of new 12-inch/24-inch PVC below grade gravity sewer pipelines, manholes, and appurtenances to support the City's upcoming Industrial Wastewater Treatment Program.

Not included:

1. Not Applicable
A-1

EXHIBIT B
Legal Description of the Easement Area
B-1
Grant Deed of
Easement #2 - Temporary Construction Easement Area
APN 223-011-032
Chunn Ranch LLC to City of Gonzales

BEGINNING at the most northerly corner of said land described in Reel 3189 at Page 1129; thence along the northeasterly line of said land
1) South 40° 24' 14" East, 18.86 feet; thence departing said northeasterly line crossing said land 2) South 53° 33'28" West, 241.39 feet; thence
3) South 53° 32' 26" West, 1000.07 feet; thence
4) South 53° 50' 42" West, 990.42 feet; thence
5) South 11° 37' 55" West, 863.19 feet; thence
6) South 69° 40' 37" West, 42.52 feet; thence
7) North 12° 08' 50" East, 876.48 feet; thence
8) North 53° 34'26" East, 2256.28 feet to the POINT OF BEGINNING.

Containing an area of 1.58 acres, more or less.

This legal description was prepared by:

Lyn a Kooach
Lynn A. Kovach * *
P.L.S. 5321
• S
Dated: July 31, 2024 CALIFORNIA
OF
B-2

EXHIBIT C
Site Plan of Easement Area
C-1

EXHIBIT VICINITY MAP
Not to scale APN 223-061-023
OF EASEMENT #2

TEMPORARY CONSTRUCTION EASEMENT WITHIN
TRACT 4C IN THE RANCHO RINCON DE LA
Easement #2 Location

PUENTE DEL MONTE, CROSSING LANDS OF CHUNN
RANCH DESCRIBED IN REEL 3189, PAGE 1129, APN APN APN
OFFICIAL RECORDS OF MONTEREY COUNTY 223-011-032 223-011-036 223-011-059

GONZALES, CALIFORNIA
D'Arrigo
Document #2020000064
APN 223-061-023
POB
Chunn Ranch LLC
Easement #2 - New TCE 3189-OR-1129
encumbering Chunn APN 223-011-032
LEGEND
PREPARED BY: PROPERTY LINE # COURSE # IN LEGAL DESCRIPTION

POLARIS LAND SURVEYING TEMPORARY CONSTRUCTION TCE TEMPORARY CONSTRUCTION EASEMENT

CARMEL VALLEY, CA EASEMENT
831-659-9564 POB POINT OF BEGINNING
SCALE: 1" = 300' VIEW: CHUNN TCE LIMITS OF NEW TEMPORARY DATE: 08-06-2024 Job #20-129.02 CONSTRUCTION EASEMENT
FILE NAME: IWTF SS PLATS.DWG
REVISED APPRAISAL OF:

CITY OF GONZALES/CHUNN RANCH

PARTIAL TAKE - GONZALES RIVER ROAD

GONZALES, MONTEREY COUNTY
APNs 223-011-032 & 223-012-001
REQUESTED BY: Patrick Dobbins
Public Works Director
City of Gonzales
147 Fourth Street
Gonzales, CA 93926
APPRAISAL AS OF: May 8, 2024
APPRAISED BY: John W. Piini, MAI
Greg Piini, MAI
263 Lincoln Avenue
Salinas, CA 93901
PIINI
REALTY
August 19, 2024
Patrick Dobbins
Public Works Director
City of Gonzales
147 Fourth Street
Gonzales, CA 93926
Re: Appraisal Report - Chunn Ranch LLC
Gonzales, Monterey County, California
Dear Mr. Dobbins:

Upon your authorization, we conducted the investigations and analyses necessary to form an opinion as to the fair market value of one Sanitary Sewer Easement (SSE) and one Temporary Construction Easement (TCE) on a portion of the Chunn Ranch, located to the west of Gonzales, Monterey County, California. The Chunn Ranch is owned by the Chunn Ranch LLC and is identified as Assessor's Parcel Numbers (APN) 223- 011-032 and 223-012-001. The ranch has a gross area of 181.2t acres.

These easements are being purchased by the City of Gonzales for an agricultural-industrial wastewater conveyance pipeline that is part of Gonzales' Industrial Wastewater Recycling Facility (IWRF) project.

The SSE is a 4.7‡ to12.8t foot-wide easement that encumbers 5,969+ square feet. The TCE is an 18.9+ to

42.5t foot wide temporary easement that runs along the northwest boundary of the property and encumbers 1.58t acres for a period of six months, commencing November 1, 2024, and continuing through April 30, 2025. These easements are being purchased by the City of Gonzales for an agricultural- industrial wastewater conveyance pipeline that is part of Gonzales' Industrial Wastewater Recycling Facility (IWRF) project.

To farm the property outside the TCE, a new farm road will be necessary along the south side of the TCE during the six-month construction period. Afterward, the land area within the TCE and this farm road will be too compacted to be farmed. To restore this land to a farming use, additional time will be required to rip, till and prepare these soils. An additional six months are added to the CE and the land adjacent to the TCE to account for this loss.

Based on the inspection of the property and the investigations and analyses undertaken, we have formed the opinion that as of May 8, 2024, and subject to the assumptions and limiting conditions set forth in this report, total compensation for the TCE and compacted land areas is as follows:
263 Lincoln Ave., Salinas, CA 93901 | TEL 831-422-5327 | FAX 831-422-8280 | PiiniRealty.com Mr. Patrick Dobbins August 19, 2024
Re: Appraisal Report - Chunn Ranch Page ii
Fair market value of the part taken as part of the whole $3,357 Damages & special benefits
Damages $0
Less: Special benefits
Subtotal $0
Value of the TCE $4,865
Total value of the take $8,222
The appraisal report that follows consists of 48 pages and sets forth the identification of the property, the assumptions and limiting conditions, pertinent facts about the area and subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the value conclusions.

Respectfully submitted,
QpgA....

Greg Plini, MA
Certified General Real Estate Appraiser Certified General Real Estate Appraiser State of California, BREA No. AG005214 State of California, BREA No. AG044270

TABLE OF CONTENTS
Transmittal Letter ...i
Table of Contents. ... iii
Introduction..... ...5
Identification ..... 5
Extraordinary Assumption ...5
Purpose of the Appraisal ...6
Title. ...6
Property History.. ..7
Property Rights Appraised ....7
Client of the Appraisal ....7
Intended Users ....7
Intended Use of the Appraisal. ...7
Effective Date of the Appraisal. ...7
Date of Report .... 7
Report Format ....7
Exposure Time ....8
Land Acreage Definitions ...8
Scope of Work 9
Regional Description .10|
Regional Map. ..10
Location Map ..10
Monterey County. ..11
Gonzales ...14
Property Description ..15
Aerial Photograph. ..15
Assessor's Parcel Map .15
Subject Photographs. ..16
Location.. ...17
Appraisal Report - Chunn Ranch LLC Page ili
Access... ....17
Land Area ...17
Irrigation Water.. ...18
Building Improvements ..18
Hazards ...18
Food Safety Concerns. ...18
Assessed Valuation & Taxes ...19
Property Rights ....20
Land Use Policies..... ...20
Highest & Best Use ..20
Valuation Comments Error! Bookmark not defined.

Fair Market Value of the Temporary Construction Easement.. ...38 Certifications. ...43
Limiting Conditions ................ 45
Addendum
Legal Description and Maps of the Permanent and Temporary Easements Qualificatons of the Appraisers
Appraisal Report - Chunn Ranch LLC Page iv

INTRODUCTION

IDENTIFICATION
This appraisal involves a partial take valuation of an agricultural farm property referred to as the Chunn Ranch. The ranch is owned by the Chunn Ranch LLC and is located to the west of Gonzales, Monterey County, California. The entire ranch is 156.03t acres and is identified as Monterey County Assessor Parcel Number (APN) 223-011-036.

The partial take consists of one Sanitary Sewer Easement (SSE) that encumbers 5,969t square feet and one Temporary Construction Easement (TCE) that encumbers 1.58t acres for a period of six months, commencing November 1, 2024, and continuing through April 30, 2025. The public agency involved in this taking is the City of Gonzales as part of a project referred to as the Gonzales Industrial Wastewater Recycling Facility (IWRF) project.

EXTRAORDINARY ASSUMPTION
Irrigation Improvements
Irrigation water for the Chunn Ranch is provided from underground groundwater wells and underground irrigation pipelines. This appraisal is predicated upon the extraordinary assumption that the proposed easements and/or the proposed construction project do not disturb any of the irrigation system and if the construction of the proposed conveyance line does affect any of the irrigation system, the construction project will repair and replace the affected irrigation improvements as a cost-to-cure item.

Environmental Hazards
An environmental assessment report was not provided, and we are not qualified to make such a report and/or environmental assessment. Without the benefit of an environmental assessment or hazardous material assessment report, this appraisal is predicated on the extraordinary assumption that there are no environmental conditions that adversely affect the value of the property. Therefore, this is an "unimpaired valuation."
Extraordinary Assumption Defined
An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions.? 1 Uniform Standards of Professional Appraisal Practice (USPAP) - 2018-2019 Edition. (The Appraisal Foundation, 2018). p. 4.

Appraisal Report - Chunn Ranch LLC Page 5

PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the "fair market value" of the real property in accordance with California eminent domain civil procedure codes. As per California law the appraisal considered the following steps:

1. the fair market value of the property before the take;

2. the fair market value of the part taken;

3. the fair market value of the remainder as part of the whole;

4. the fair market value of the remainder before considering special benefits; and

5. the fair market value of the remainder considering special benefits.

However, because the partial take of the Chunn Ranch is limited to a TCE, the above steps are not applicable. The fair market value of the property before the take (Step 1) is the same as the fair market value of the remainder considering special benefits (Step 5). Therefore, the value of the part taken is $0, there are no damages associated with the TCE, and there are no special benefits associated with this project.

Therefore, these steps are omitted in this analysis. The fair market value of the TCE is predicated on an appropriate land rent over the term of the project.

Fair Market Value Defined
For the purpose of this appraisal, fair market value is defined as follows:

The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.? TITLE
According to the Monterey County Assessor's Office, title is vested as follows:

Chunn Ranch LLC.
2 California Code of Civil Procedure - CCP §1263.320 (Amended by Stats. 1992, Ch. 7, Sec. 2. Effective January 1, 1993).

Appraisal Report - Chunn Ranch LLC Page 6

PROPERTY HISTORY
There have been no transfers of ownership within the past five years. The property is not currently offered on the open market and we are not aware of any purchase options and/or agreements affecting the property.

PROPERTY RIGHTS APPRAISED
The property rights appraised is the fee simple estate.

Fee Simple Estate Defined
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. 3

CLIENT OF THE APPRAISAL
The client of this appraisal is the City of Gonzales.

INTENDED USERS
The intended users are the client and the fee owner of the property. The appraisers are not responsible for any unauthorized use of this report and are not responsible to any third-party users.

INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is for the client's use pertaining to the purchase of easements on the subject property as part of the IWRF project.

EFFECTIVE DATE OF THE APPRAISAL
This appraisal assignment represents a current appraisal in which the effective date of the appraisal and the valuation conclusion apply as of May 8, 2024.

DATE OF REPORT
This appraisal assignment was conducted from May to August of 2024.

REPORT FORMAT
The report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of USPAP for an Appraisal Report. As such, it presents only summary discussion of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value.

Supporting documentation concerning the data, reasoning and analyses is retained on file. The depth of 3 Dictionary of Real Estate Appraisal - 6* Edition. Appraisal Institute, 2015, p. 90.

Appraisal Report - Chunn Ranch LLC Page 7
discussion contained in this report is specific to the needs of the client and for the intended use stated above.

EXPOSURE TIME
The term "exposure time" is defined as
The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.

For the past several years, a strong effective demand exists for irrigated farmland and ranch lands located within the Salinas Valley. Turnover is limited and much of the farmland that sells is sold without ever being offered on the open market. Those farms that are offered on the open market are generally under contract within 30 days and have a 90-day due diligence period. Farm properties that are on the market for more than six months are typically overpriced or have certain physical characteristics that limit their appeal and increase their risk of ownership.

The Chunn Ranch is a prime agricultural farm that would command strong demand if offered on the open market. Assuming the ranch was offered near market value, an exposure time of 3 to 6 months is considered reasonable applied in this analysis.

LAND ACREAGE DEFINITIONS
Several acreage classifications are used within this appraisal report and are defined as follows:

Gross Acreage
The gross area is the total land area of the property as legally described, or as indicated by the parcel maps. The gross acreage for this assignment is derived from the Monterey County Assessor Parcel Maps, which are included in this report.

Non-Usable Farm Acreage
The non-usable farm acreage is the land that does not provide a utility to the property.

Usable Farm Acreage
The usable farming acreage is the total acreage that provides a utility to the property and includes the net crop acreage, internal roads and yard areas that service the farmable acreage. 4 Ibid. p. 83.

Appraisal Report - Chunn Ranch LLC Page 8
Net Crop Acreage
The net crop acreage is the net planted acreage, excluding the service acreage of roads, reservoirs, yard areas and any non-usable areas. Also referred to as the farmable acreage or green-to-green area, the net crop acreage is the area growers utilize for measuring crop production and growing costs.

Leased Acreage
The leased acreage is the acreage stated in the lease that is agreed upon between the lessor and lessee.

SCOPE OF WORK
John Piini has appraised the Chunn Ranch several times in recent years, with the most recent appraisal being in 2023. We also appraised the subject easements for the City of Gonzales in May of 2024. This report is an update to the May 2024 report to only reflect a change in the take areas. For the May 2024 assignment, the property was inspected on May 8, 2024. The inspection was from the ranch roads with the scope of observing the layout and general characteristics of the property. In addition to our inspection, we reviewed parcel maps, flood maps, aerial photographs and zoning maps of the property.

The gross land area of the property is obtained from the Assessor's Parcel Map. The land areas within the proposed take are obtained from the draft legal description and take exhibit prepared by Polaris Land Surveying, a copy of which is included in the addendum of this report.

The valuation of the property is predicated on market data collected specifically for this assignment and prior appraisal assignments. The market data is derived from a variety of sources including County records, Multiple Listing Service (MLS) data, on-line subscription services such as CoStar and LoopNet, real estate appraisers, and brokers.

The results of the investigations and the analyses conducted are presented in this appraisal report, and were prepared by John Piini, MAI, and Greg Piini, MAI.

Appraisal Report - Chunn Ranch LLC Page 9

REGIONAL DESCRIPTION

REGIONAL MAP
Rodgemark
Tres Pino
Prunedale
Castroville
Boronde
Pitarina
Salinas
Pacifie Glove Seaside
Monterey
Panoche
Chuales
Carmel By the Sea
Molus
Camphora
Soledad
Fort Rome Harlem
Metz
Greenheld
Ce Cobum
Eiss
Google Ea-thi King City
" Welby
une Canyon

LOCATION MAP
Gonzales City Limits Boundary
Subject Property
Proposed Conveyance Line
Future Industrial Wastewater Recycling Facility
Gonzales
Appraisal Report - Chunn Ranch LLC Page 10

MONTEREY COUNTY
Monterey County is oriented in a north to south direction parallel to the Pacific Ocean. It is bounded on the north by Santa Cruz County, on the south by San Luis Obispo County, on the east by San Benito, Kings, and Fresno Counties and on the west is the Pacific Ocean.

The largest of the central coast counties, Monterey County has approximately 100 miles of coastline along the Pacific Ocean and averages 30 miles in width. The county contains 3,324t square miles or 2,127,360+ acres.

About 439,000 people currently reside in Monterey County as of the 2020 Census, which is a 5.7% increase from the 2010 Census estimate of about 415,000. The majority of the county's population is located on the Monterey Peninsula and in the greater Salinas area. Over the past several decades, Salinas and the smaller Salinas Valley towns experienced the majority of the county's growth, as the price of land and housing is relatively affordable compared to the Monterey Peninsula and the neighboring Santa Clara and Santa Cruz Counties. During this same period, the population on the Monterey Peninsula remained relatively stable due to a limited supply of land that is zoned and suitable for development.

The physical and economic characteristics of the county are divided primarily between the Monterey Peninsula and Salinas Valley. The Monterey Peninsula communities of Pebble Beach, Carmel, Pacific Grove and Monterey are tourist destinations for the northwesterly portion. To the south of the Monterey Peninsula is the world-renowned Big Sur Coast. On the eastern side of the county lies the Salinas Valley, one of the chief vegetable-producing regions in the United States.

Salinas Valley
The Salinas Valley is a fertile agricultural region bounded to the east by the Gabilan Mountain Range and to the west by the Santa Lucia Mountain Range. The valley begins at San Ardo and widens and stretches approximately 100 miles to the Monterey Bay, near Castroville.

This valley is one of the premier fresh vegetable growing regions in the country and a majority of the salad greens consumed in the United States are grown here. Strawberries, head lettuce, leaf lettuce, broccoli, celery, artichokes, and a variety of other vegetable crops provide Monterey County with approximately $4.6 billion in gross sales. Due to the intensity and the variety of crops grown, the Salinas Valley is nicknamed "America's Salad Bowl."
Within the 100-mile stretch of the Salinas Valley are individual farming districts, distinguished not only by location, but by farming characteristics associated with soil, climate and/or water. East-to-west, soil quality provides the distinction, as the soils on the valley floor are, for the most part, fertile clay and loamy soils that are well suited for growing a variety of fresh vegetable crops. Along the foothills of the Gabilan Appraisal Report - Chunn Ranch LLC Page 11
Range (east side of the valley) and the Sierra de Salinas Range (west side) the soils are generally characterized by decomposed granite (DG) soils that formed in alluvium from granitic and schistose rocks on alluvial fans and terraces. These soils are typically well-drained and suitable for growing a variety of crops; however, they generally require a higher degree of farm management as compared to the soils on the valley floor.

North-to-south, climate plays a significant role as the north end of the valley has a cool coastal climate, whereas the south end of the valley is warmer and windier during the growing season. Due primarily to climate, agricultural rents are higher at the north end of the Salinas Valley as compared to the farmland in the central and southern portion of the valley. In recent years though, this gap tightened due in part to an expansion of seed varieties, enhancement in irrigation practices and the growth in the food service segment of the produce industry which has increased the demand for leafy green vegetables such as spinach and leaf lettuces that have shorter growing periods.

The economy of the Salinas Valley is centered around the agricultural industry, with irrigated row crops in the Salinas Valley, vineyards in the foothills of the Santa Lucia and Gabilan Ranges, and cattle grazing throughout the more mountainous areas of these Coastal Ranges. Agricultural crop values are significantly higher today than what existed a decade ago; however, the past few agriculture seasons were unusually challenging to the local industry. The COVID-19 pandemic, a relatively new increase in lettuce losses from Impatiens Necrotic Spot Virus (INSV) and Pythium wilt, continued labor shortages, increasing food safety regulations, the uncertainty of future water regulations under California's Sustainable Groundwater Management Act (SGMA), and rising inflation and interest rates have impacted the produce industry.

Appraisal Report - Chunn Ranch LLC Page 12
Salinas Valley Water
Water for the Salinas Valley is derived mainly

EXPLANATION
Sefnes Walty Goundear Bani
through groundwater wells penetrating 100
to 1,700 feet into the Salinas Valley Water
Steps Patience
Basin. The Salinas Valley Basin has a single 150(400 Fool Aguller common aquifer that is divided into six 01 A
Forabe, Aquilar
Lacelay Area
hydrologically interconnected subbasins Montorey
Upper Valey Squated
known as the 180/400 Foot Aquifer Subbasin,
East Side Aquifer Subbasin, Forebay Aquifer
Subbasin, Langley Area Subbasin, and
Monterey Subbasin. These basins are

PACIFIC
depicted in the map to the right.

These basins are recharged by the Salinas
River and its tributaries, winter rain runoff
from the bordering Gabilan and Sierra de
Salinas Mountain ranges, and dam water
discharges from the Nacimiento Reservoir
(constructed 1955) and the San Antonio
Reservoir (constructed 1963). These natural and man-made sources feed the basins; however, it is not enough. The Salinas Valley, especially at the north end, extracts more water than is replenished, resulting in seawater intrusion and a shrinking water supply amongst the older shallow wells.

Over drafting of groundwater is not unique to the Salinas Valley but is occurring throughout California. As a result, California passed the Sustainable Groundwater Management Act (SGMA) in 2014, which requires California governments and water agencies to develop a Comprehensive Groundwater Sustainability Plan (GSP), which will establish the means and methods of achieving water sustainability, and then implement the GSP and achieve basin sustainability within 20 years after approval of the GSP. In the Salinas Valley, the Salinas Valley Basin Groundwater Sustainability Agency (SVBGSA) is a joint powers authority that was established to fulfill the requirements of SGMA.

Each subbasin's GSP was approved in 2022. The approved GSP's indicate that the northerly four basins (180/400 Foot Aquifer Subbasin, East Side Aquifer Subbasin, Langley Area Subbasin, and the Monterey Subbasin) are in an overdraft condition, while the two southern basins (Forebay Aquifer and Upper Valley Aquifer) are in a balanced state.

The Chunn Ranch is within the 180/400 Foot Aquifer.

Appraisal Report - Chunn Ranch LLC Page 13
Gonzales
Gonzales is centraily located within the Salinas Valley and is approximately 15 miles south of the City of Salinas. The town has a population of 8,439 people'. Over the past several decades, the town has grown as its proximity to Salina and its lower relative price of housing has brought an influx of commuter-based residents; however, the town remains an agricultural-based community. 5 U.S. Census Bureau. 2022 Population Estimate Program (PEP).

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PROPERTY DESCRIPTION

AERIAL PHOTOGRAPH
City Limits.

Gonzales River Road
APN 223-011-032
APN 223-012-001
Google Earth

ASSESSOR'S PARCEL MAP

TAX CODE AREA COUNTY OF MUNICKES

ASSESSOR'S MAP
PARCELOURSI 03 BOOK 223 PAGEOI
CONTALES B00k 20 NO. 101

STATE HIGHWAY
spoke
44 C
SONGS g2.994
Oll
257- WISENTE
269-02 176-0130 → 20
Darke
0)o.74. Chee t 1936°
18A"
012 GEIAIL, A NO SCALE
Orrera

GUADALUPES SANCHEZ PO
157-08 PARALE DE 216-01
ASSES. MAP RINCON DE LA PUENTE DEX MONTE Ro.

LOTS 12, A12, 13, 17, A15, E15, C/5, 16, 17, 18A1, 18A2, 18A5,18A4 1802,19ATWu198,33, PORTIONS OF IBBÉ 31.

PARTITION MAP OF M.E. GONZALES ESTATE
LOTS1THRU10, 118,12 THRU17, 821# 10THRU 50.
45SR$. MAP GUADALUPE Ra
20Ts 28, 32€33.

Appraisal Report - Chunn Ranch LLC Page 15

SUBJECT PHOTOGRAPHS
Northerly view from Gonzales River Rd showing well Farming block south of Gonzales River Rd Short Road West boundary and area of SSE & TCE
North boundary and area of TCE
Appraisal Report - Chunn Ranch LLC Page 16

LOCATION
The Chunn Ranch is located about 1½ miles west of Gonzales, approximately 12½ miles to the south of Salinas and 8½ miles to the north of Soledad. The ranch is on the north side of Gonzales River Road and to the east of Short Road and the Salinas River.

This location is within an intensive farming district of the Salinas Valley that is characterized by fertile soils, an ample supply of water and a temperate coastal climate. Most of the farmland in this area is double cropped annually for a variety of fresh vegetable crops.

The property is mostly surrounded by farmland that is used for irrigated row crops; however, the west end of the ranch adjoins a commercial compost yard and the Gonzales wastewater treatment facility.

ACCESS
Access is provided by Gonzales River Road and Short Street.

Gonzales River Road
Gonzales River Road is a two-lane, two-directional county road that extends from Alta Street in Gonzales to River Road, with a bridge crossing over the Salinas River.

Short Street
Short Street is a two-lane county road extending some 760 feet north of River Road and extends along the southwest end of the property. Short Street provides access to the Gonzales sewer and wastewater facility and to the adjoining compost yard.

LAND AREA
The ranch is situated on an upper bench of the Salinas Valley. The Assessor's Parcel Map indicates a gross land area of 176.98 acres; however, a 1984 "Property Line" map indicates a gross area of 181.2+ acres, which is consistent with estimates from Google-Earth. Without a survey of the property, this appraisal assumes a gross land area of 181.2t acres. The entire ranch is considered usable.

The property is bisected by Gonzales River Road. The main body of the ranch is on the northwest side of the county road and contains 173.2t acres. On the southeast side of the road is an oblong shaped field of about 8.0t acres, as per the Assessor's map. This small parcel is bounded to the north by Gonzales River Road and to the south by the Salinas River.

Soils & Topography
The soils on this ranch are Class 1 and 2 clay loam soils that have a level terrain and are suitable for growing a variety of fresh vegetable crops. The soils are summarized as follows:

Appraisal Report - Chunn Ranch LLC Page 17
Soil Summary
Approx Approx %
Soil Symbol Soil Name Slope Class Acres of Ranch
CnA Cropley silty clay 0 to 2% 141.3 78.0%
MnA Mocho silt loam 0 to 2% 1 23.6 13.0%
SbA Salinas clay loam 0 to 2% 1 16.3 9.0%
Totals 181.2 100.0%

IRRIGATION WATER
Irrigation water is provided from two groundwater wells. According to the tenant, the wells provide an adequate amount of water, and the water quality is good.

BUILDING IMPROVEMENTS
The property is improved with a 1,100-square-foot residence, a 400sf bunkhouse, a 2,000sf horse barn, and an implement shop. The buildings are approximately 90+/- years old, are of low-cost construction and in fair condition.

HAZARDS
Flood Hazard
The ranch is identified on FEMA's Flood Insurance Rate Map (FIRM) panels 06053C0414G and 06053C0600G, both dated April 2, 2009. These panels indicate that the ranch is located within Zone X, an area outside the 0.2% annual chance floodplain.

Seismic Hazard
The property is located within a seismically active area of California but is not located within a Alquist- Priolo Special Studies Zone. The nearest fault is the Reliz Fault, which runs along the base of the Santa Lucia Mountain Range, about 2.0t miles west of the subject property.

FOOD SAFETY CONCERNS
The property is within 1,000 feet of the Gonzales sanitation ponds and a commercial compost yard. These neighboring uses could be a source of e-coli bacteria, which could result in a restriction on growing leafy green vegetables on portions of the Chunn Ranch. Buffer zones between potential sources of e-coli bacteria and leafy green vegetable crops vary throughout the industry depending on i) the source of potential contamination, ii) requirements of agricultural buyers, and iii) analysis of each individual farm and farming block.

Appraisal Report - Chunn Ranch LLC Page 18
The Leafy Green Marketing Agreement (LGMA) sets minimum requirements that generally range from 30 to 400 feet depending on the source of potential contamination, but some agricultural companies and buyers required considerably greater buffer zones. These buffer zones have generally increased over the past decade and the number of crops allowed within these buffer zones have decreased.

As these buffer zones expand, the effect on farmland values will likely follow as properties without food safety growing limitations will be more desirable as compared to properties with crop limitations because of food safety concerns.

According to the tenant on the Chunn Ranch, they are currently not under any growing restrictions because of the sanitation ponds and compost yard. However, these neighboring uses are of concern as some of the nearby properties are being placed within buffer zones.

ASSESSED VALUATION & TAXES
The assessed valuation and real estate taxes for the 2023-2024 tax year are summarized as follows:

Assessed Valuation & Taxes
Assessed Values 2022-2023 Taxes
Improvement Countywide &
APN Land Value Value Total Value Direct Charges Agency Taxes Total Taxes 223-011-032 $1,070,135 $32,165 $1,102,300 $6,817.82 $12,603.42 $19,421.24 223-012-001 $77,382 $0 $77,382 $511.26 $884.74 $1,396.00 Total $1,147,517 $32,165 $1,179,682 $7,329.08 $13,488.16 $20,817.24 Average tax rate 1.14%
Average per usable acre $6,510 $114.89
Farmland Security Zone Contract
The ranch is subject to a Farmland Security Zone (FSZ) Land Conservation Contract (LCC) with the County of Monterey. LCCs are often referred to as Williamson Act Contracts, which in California provide tax relief to agricultural property owners who contract with their county to restrict the use of the property during the contract period to agricultural and open space use.

A standard LCC is a minimum of 10 years and under this contract the assessed valuation is predicated on the agricultural income value of the property. An FSZ has a 20-year term and under this type of contract, the assessed valuation is based on 65% of the California Proposition 13° valuation or Williamson valuation, 6 In 1978 California voters approved Proposition 13, which limits the maximum amount of any ad valorem tax on real property to one percent (1%) of the assessed value plus approved bonds and assessments; and it placed a maximum of 2% per year that the assessed value could increase, unless the property has a change of ownership.

Appraisal Report - Chunn Ranch LLC Page 19
whichever is less. All land conservation contracts automatically renew annually for an additional year, unless either party files a "notice of non-renewal".

PROPERTY RIGHTS
A preliminary title report was not provided; however, we are aware of an existing sanitary sewer easement (Reel 1831, Page 456 of Official Records) that runs along the northwest boundary of the property and within the vicinity of the proposed TCE.

LAND USE POLICIES
The Chunn Ranch is located within an unincorporated area that is under the land use jurisdiction of Monterey County. The ranch is located within Gonzales' sphere of influence but outside of the urban growth boundary and outside of the City's permanent agricultural edge, which runs along the city limits boundary in the vicinity of the subject property and would preclude expansion to the west.

The ranch is designated as "Agricultural" by the Monterey County General Plan. Agricultural lands will fall within the three land use categories, and the Chunn Ranch is categorized as Farmlands. The General Plan defines Farmlands as follows:

Farmlands (F): Farmlands are typically 40-acre minimum sites, and allow a range of uses to conserve and enhance the use of the important farmlands in the County of Monterey while also providing opportunity to establish necessary support and ancillary facilities for those agricultural uses.

Consistent with the General Plan, the Chunn Ranch is zoned Farmlands (F-40). The minimum parcel size requirement for creating a new parcel is 40 acres.

HIGHEST & BEST USE
Highest and best use is defined as follows:

The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity?
As If Vacant
The property is located within an intensive farming district of the Salinas Valley where the historical use of the subject property and adjoining properties are dedicated to an irrigated row crop agricultural use. 7 Dictionary of Real Estate Appraisal - 6th Edition. (Chicago: Appraisal Institute, 2015) p. 109 Appraisal Report - Chunn Ranch LLC Page 20
Land use policies are also oriented toward an agricultural use and a change to any other use is not projected within the foreseeable future.

Therefore, the highest and best use of the property is agriculture and the most probable agricultural use is irrigated row crop farming of fresh vegetables.

As Improved
The irrigation wells and pipelines support the highest and best use of the land and their value is included in the underlying land value.

Building improvements are limited to several older farm buildings. The buildings provide utility to the agricultural use and support the highest and best use of the land.

VALUATION COMMENTS
The purpose of the appraisal is to estimate the "fair market value" of the real property in accordance with California eminent domain civil procedure codes. As per California law the valuation process involves several steps which are summarized as follows:
1) the fair market value of the property before the take; 2) the fair market value of the part taken;
3) the fair market value of the remainder as part of the whole; 4) the fair market value of the remainder before considering special benefits; and 5) the fair market value of the remainder considering special benefits.

Appraisal Report - Chunn Ranch LLC Page 21

FAIR MARKET VALUE OF THE PROPERTY BEFORE THE TAKE
The sales comparison and income approach are used to estimate the fair market value of the property, which are the two common methods utilized in the valuation of Salinas Valley farmland. In applying these appraisal methods, the components of value include the land and the land improvements, which consist of the irrigation wells, pumping plants and irrigation pipeline. In the Salinas Valley, the contributory value of the land improvements is included in the land value and the common unit of measurement for comparison purposes is the price per usable acre.

In the sales comparison approach, an opinion of value is derived by analyzing and comparing similar properties that have recently sold, are listed for sale, or are under contact. A major premise of the sales comparison approach is that the market value of a property is related to what is being paid for comparable, competitive properties.

The income approach is applicable as Salinas Valley farmland is commonly rented and there is a very active market of real estate investors. From an investor's point-of-view, earning power is the critical element affecting property value. One basic premise of this approach is that the higher the earnings, the higher the value, provided the amount of risk remains constant.

The most common income valuation technique is the direct capitalization method, which employs the following relatively simple algebraic formula:

Income / Overall Rate = Value
The income is the market rental value of the farmland and the overall rate represents the rate of return that is being obtained within the marketplace for similar properties. This approach is commonly applied in the Salinas Valley by the market participants. Even buyers who intend to farm the property consider value based on the relationship between a property's economic rental value and the price to be paid.

SALES COMPARISON APPROACH
In applying the sales comparison approach, the following sales are judged to be the most comparable and indicative of value:

Appraisal Report - Chunn Ranch LLC Page 22
Summary of Farmland Sales
Sale number 1 2 3 4 5 6 8
Ranch name Wing Wimer Harney Vosti Nielson Herold Breschint Hunter Sale date 11/2/2020 9/30/2021 9/5/2023 10/27/2020 9/24/2021 1/3/2020 10/27/2023 6/30/2023 Location Chualar Cyn Rd Highway 101 Spence Rd River Ra Old Stage Rd Alta Street Hwy 101 Hunter Lane Nearest city Chualar Chualar Chualar Gonzales Salinas Gonzales Soledad Salinas Grantor Massa Wimer Clayton Vosti C. M. Nielsen Ptn Meyers Breschini Duckworth Grantee Yellow Juliet Gill & Hitcock Springbrook D'Arrigo C. M. Nielsen Ptn D'Arrigo Caprara Rocha Gross acreage 305.7 138.6 147.0 95.4 188.5 560.4 179.7 82.8 Non farmable acreage 0.0 500 1.0 0.0 0.0 0.8 50.7 0.0
Other land use acreage 0.0 22 21.6 2.0
20 Usable and irrigated farm acreage 305.7 133.6 146.0 95.4 187.5 538.0 129.0 82.8 sale price $18,500,000 $8,174,000 $9,450,000 $6,300,000 $12,876,650 $41,500,000 $10,000,000 $7,200,000 Price per usable acre (land & impr $60,500 $61,200 $64,700 $66,000 $68,700 $77,100 $77,500 $87,000 Sales Location Map
Google Earth
Appraisal Report - Chunn Ranch LLC Page 23
Sale 1: Wing Ranch, Chualar
The Wing Ranch is located on the east side of
Highway 101, just north of Chualar and
approximately 7 miles southeast of Salinas.

This is within an intensive agricultural area
where most of the farmland is dedicated to
row crop farming.

The property has a level topography with
Placentia sandy loam and Chualar loam soils.

These are decomposed granite (DG) soils that
are inferior to those on the subject property as they require a relatively high degree of farm management.

The entire property is usable with several wells that are interconnected with underground high pressure irrigation lines. According to the seller, the wells were in good condition and provided adequate water with a good water quality.

The property was not on the open market and there was limited market exposure. The tenant was at the end of their lease term and the property sold to an investor who renewed the leased with the existing tenant. The new lease was for a three-year term at a rental rate that is confidential. The contract rent, though, is near market, which, in this area, varies from about $2,200 to $2,600 per acre, including property taxes. The property sold for $18,500,000, or $60,500 per acre.

Sale 2: Wimer Ranch, Chualar
The Wimer Ranch is located on the east side of
Highway 101, between Chualar and Gonzales
and about 9 miles south of Salinas. The ranch
has direct north and south bound access to the
highway. This location is within an intensive
agricultural area where most of the farmland
is dedicated to row crop farming.

This property has an irregular shape as the
northerly boundary of the ranch borders an open reclamation ditch. The usable land area is 133.64 acres, and the net crop area is 128t acres. The soils consist of Salinas loam (SaA) and Salinas clay loam (SbA), which are Class 1 soils suitable for growing a variety of crops. Irrigation water is provided from one well that yielded about 12 gpm per net acre. Building improvements include one 1,800 square foot pre- engineered agricultural utility-storage building. The building is about 30 years old, of average quality, and Appraisal Report - Chunn Ranch LLC Page 24
in good condition. According to the buyer, the building contributed an added value.

The property was not on the open market and sold directly to the long-term tenant for $8,174,000. An allocation of $74,000 is applied to the shop building and $8,100,000 for the farmland which equates to a rounded land value of $60,600 per usable acre.

Sale 3: Harney Ranch, Chualar
The Harney Ranch is located 4.2 miles south of
Salinas and 3 miles north of Chualar. The
property fronts the south side of Spence
Road, between Highway 101 and Old Stage
Road.

The property has a level terrain, and the soil is
Chualar loam with a 0 to 2% slope. Irrigation
water is provided from two wells with a
combined capacity of 2,500 gpm plus there
was a third well used mostly for dust control
and for the buildings.

The property had been leased to Tanimura and Antle for several decades. At the time of sale, the property was farmed in strawberries and vegetables. According to the tenant, during the 2021 and 2022 seasons this ranch suffered heavy losses to their late summer and fall lettuce crops because of the INVS virus.

At the time of sale, the property was subject to a three-year Lease with one year remaining and one three- year option to renew. The contract rent, including property taxes was $2,490 per usable acre.

This property was offered for sale in June 2023 at an asking price of $9,900,000. The demand for the property was limited due in part to the INVS virus, and the increase in interest rates. Piini Realty represented the buyer, who is a local strawberry grower, and purchase price was $9,450,000. The buyer was able to take over the farming operation at the end of the 2023 season and intends to transition the ranch to organic with strawberries being the primary crop.

Appraisal Report - Chunn Ranch LLC Page 25
Sale 4: Vosti Ranch, Gonzales
The Vosti Ranch is a 95-acre row crop ranch
located on the south side of Gonzales River
Road, adjacent to the city limits of Gonzales.

The land uses include irrigated row crop
farming on the properties outside the city
limits and industrial for the adjoining
properties within the city limits. The Gonzales
General Plan identifies the Vosti Ranch as
being within their sphere-of-influence for
future industrial use. Developing this property
for industrial, though, is problematic as a condition of development would likely require constructing a new SPRR crossing, which would require SPRR's permission.

This property has level, Class 1 and 2 soils that are considered prime and very similar to the subject property and suitable for a wide variety of fresh vegetable crops. Irrigation water is provided from a

38.23% interest in two wells that are shared between the Vosti Ranch and the neighboring property to the south, which has a 61.77% interest in each well. Building improvements include one older farmhouse, two old barns, and two older farm labor houses. The improvements were in poor condition and did not contribute an added value.

The property was listed for sale with Piini Realty; however, at the request of the sellers, it was only offered to the tenant and the adjoining owner, and was purchased by the long-term tenant. The purchase price was reflective primarily of the property's agricultural use. The buyer and seller considered industrial development as being a long-term speculative use and the buyer was motivated to sell the property in 2020.

Sale 5: Nielson Ranch, Salinas
The Nielsen Ranch is located about 5 miles
south of Salinas on the east side of the Salinas
Valley, adjacent to the base of the Gabilan
Mountain Range.

Being at the base of this mountain range, the
farmland in this area is characterized by
decomposed granite soils that are abrasive on
equipment and require a higher degree of
farm management as compared to the
Appraisal Report - Chunn Ranch LLC Page 26
farmland along the valley floor of the Salinas Valley. The primary crops grown in this area are fresh vegetables. Strawberries are also grown in this area; however, this is at the southern fringe for berries.

The water resource at the base of the Gabilan Range is limited as this Eastside Aquifer relies primarily on winter rain runoff from the Gabilan Range and less from the Salinas River. Groundwater wells in the Eastside Aquifer are mostly developed to about 500 to 800 feet and the better producing wells are generally found at the westerly end of this area. The primary groundwater well for the property was developed in 2001 and improved with a 300 hp pump and a VFD motor. During the past few years this well was drawing sand and sand filters were installed to mitigate the sand clogging the sprinklers and drip emitters. A 1950 well, which was equipped with a 300hp diesel motor, was a backup well though it was relatively high in salts.

The Nielsen Ranch contains a gross land area of 187.5 acres and a net farming area of 176 acres. The terrain is gently sloping, and soils are decomposed granite, composed mostly of Chualar loam. The property has been mostly farmed for vegetable crops, with occasional rotations of strawberries.

This property was offered for sale in May 2021 by Piini Realty and the offering included an adjoining 1- acre parcel that was improved with an older single-family dwelling that was in good condition. In addition, the offering took into consideration a potential tax savings if a buyer were to acquire the existing partnership, avoiding reassessment. Maintaining the existing taxes saves approximately $65,000 a year, which was estimated to contribute approximately $400,000 in value based on the present value of the income for 10 years at 10%.

The property went into escrow with the long-term tenant at $13,600,000. During escrow, the main irrigation well started drawing sand. It was believed that a new well would be necessary within the next five years, and a $223,350 credit was provided to the buyers. The credit was assumed to be 50% of the cost of a new well. An additional credit of $5,000 was provided to the buyers for the cost of removing personal property from the residential property.

The final sale price for the farmland and residential parcel was $13,371,650, allocated as follows:

Sale Allocation
Description Acres Price Price/Acre
Farmland 187.5 $12,876,650 $68,675
Residential parcel 1.0 $495,000 n/a
Totals 188.5 $13,371,650 $70,937
Appraisal Report - Chunn Ranch LLC Page 27
Sale 6: Herold Ranch, Gonzales
The Herold Ranch involves 560.4 acres of
prime farmland located on the west side of the
City of Gonzales, extending toward the Salinas
River and Gonzales' wastewater treatment
facility. The ranch is located to the immediate
north of the subject property.

The farmland is on two benches, with 430+
acres of upper bench farmland that has a
uniform Cropley silty clay soil, 130t acres on a lower bench with sandier soils, and 0.8+ acres on a bank that separates the two benches. The upper bench acreage includes 21.6t acres that are located within the city limits of Gonzales and zoned industrial. The 538.8t acres situated outside the city limits are subject to an Agricultural Conservation Easement and a Farmland Security Zone Contract.

Five wells provide irrigation water to the ranch with a combined capacity of 5,550 gallons per minute that is distributed by underground high-pressure lines.

There are two building yards on the ranch. At the northeast corner and situated within the city limits of Gonzales is a 60t-year old labor camp that is commercially operated as an H2A facility and permitted for 120 beds. The labor camp has four dormitory style buildings, an older single-family dwelling, a commercial kitchen-dining room, restroom, and laundry facilities. Based on bedroom sizes and the H2A requirement of one bed per 50 square feet, this facility could possibly accommodate 141 beds. City water and city sewer serves the labor camp.

The second building yard is an agricultural yard improved with an older, low-cost single-family dwelling, wood barn and an equipment shed. These improvements provide utility to the farming operation but did not contribute an added value.

The property was leased through October 31, 2020, at a gross rent of $2,070 per acre. Market rents in the immediate area at the time of sale varied from about $2,000 to $2,500 per acre, including property taxes. Turnover of prime farmland in the Gonzales area is rare as most tenants have a long-term relationship with their landlord, and landlords in general are not overly aggressive on lease renewals.

The Herold Ranch was offered on the open market by Piini Realty in September 2019. Several offers were received and the property sold for $41,500,000 in January 2020. The buyers allocated $5,000,000 to the

21.6 acres of industrial-zoned land and the labor camp, summarized as follows:

Appraisal Report - Chunn Ranch LLC Page 28
Sale price $41,500,000
Less: Buyer allocation to industrially zoned lands and farm labor camp $5,000,000 Farmland allocation $36,500,000
Usable farm acres 538.00
Price per usable acre (rounded) $67,800
Sale 7: Breschini Ranch, Hwy 101, Soledad
The Breschini Ranch is a 2023 farmland sale
located on the west side of Highway between
Soledad and Greenfield. Access is provided
from a paved frontage road to Highway 101.

Irrigated row crop farming is the primary use
in the general area of the sale and agricultural
rents vary from about $1,500 to $1,800 per
acre, including property taxes.

This property has a gross land area of about 180 acres and extends from Highway 101 to the Salinas River.

Approximately 50 acres are in the river and the usable land area is 130t acres. The soil consists of about 75% Elder sandy loam and 25% Arroyo Seco gravelly loam. These are well drained soils that formed in granitic alluvium and sedimentary rocks. Irrigation water is provided from two groundwater wells and reportedly the water quantity is abundant, and the quality is very good. Building improvements include an older single-family dwelling and several outbuildings, all in very poor condition and unoccupied.

This property was not on the open market and sold directly to the tenant, who farms and owns several other properties in the immediate area. The property sold for $10,000,000, which is an exceptionally high price compared to other sales and agricultural rents. Applying a relatively high gross rent of $1,800 per acre, the net return after property taxes is 1.5%, which is one of the lowest rates of return in the Salinas Valley. In the final analysis, this sale is excluded as direct market comparable as it is considered an aberration within the market and not indicative of market value.

Appraisal Report - Chunn Ranch LLC Page 29
Sale 8: Hunter Lane Ranch, Salinas
The Hunter Ranch is located 0.7 miles
southwest of Salinas and is within the
Spreckels District of the Salinas Valley. The
Spreckels District is bounded by Highway 68 to
the west, the Salinas River and the town of
Spreckels to the south, Abbott Road and
Highway 101 to the north and the Salinas
River and the former Firestone plant
representing the easterly end.

This area is known for its loamy soils, good water quality and a coastal climate suitable for strawberries and a variety of Salinas Valley vegetable crops including late-summer lettuce. Rents in this area trail slightly behind the Blanco area and range from about $3,500 to $4,000 per acre. Similar to the Blanco District, farmland turnovers in the Spreckels District are rare.

This property is situated on the south side of Hunter Lane and has a rectangular shape and level topography. The soil is mostly composed of Salinas series soil, which is a prime soil with few limitations and capable of growing a wide variety of fresh vegetables and strawberries. The property is improved with one older groundwater well that was developed in 1963 to a depth of 256 feet and one older single- family dwelling. The well casing is deteriorating and will need to be replaced within a few years. The estimated cost to develop a new well into the 400-foot aquifer was $320,000, which the buyer plans to do. The dwelling was in poor condition and the buyer anticipates spending about $100,000 to $150,000 on house improvement repairs after the sale and then use the house for employee housing. In the as-is condition of the dwelling, it did not contribute an added value nor a cost to remove.

The property was leased for a three-year term with a termination date of October 31, 2025. The gross rent obligation of the tenant was $3,600 per acre.

The property was listed with Piini Realty in April of 2023 at an asking price of $90,000 per acre, was under contract at the beginning of June, and closed escrow on June 30th for $87,000 per acre. While the buyer is a local strawberry grower, they intend to continue leasing the property to the existing tenant as their motivation is for a long-term passive investment.

The buyers intend to enter the property into a Farmland Security Zone contract and spend about $320,000 on capital improvements for a new well resulting in a total investment of $7,520,000. Based on the lease terms and projected property taxes, the overall rate of return is about 2.9% in Year 1 and increases to about 3.5% in Year 3.

Appraisal Report - Chunn Ranch LLC Page 30
Sale Adjustments
Property Rights Conveyed
The Chunn Ranch is not subject to an agricultural conservation easement whereas Sale 6 is subject to an agricultural conservation easement. However, the easement did not affect the sale of this property, and a property rights adjustment is not applied.

Financing Terms
The sales either involved cash sales or conventional financing. A financing terms adjustment is not warranted.

Conditions of Sale
The sales were all arms-length transactions and a conditions of sale adjustment is not warranted.

Expenditures After Sale
Sales 5 and 8 will require new wells. The buyer of Sale 5 was credited $223,350 in escrow for half the cost of a new well. This credit is added to the purchase price as an after-sale expenditure. The cost of a new well on Sale 8 was estimated at $320,000, which is added as an after-sale expenditure.

Market Conditions
The sales occurred between January 2020 and September 2023. During this period, interest rates and inflation were increasing, and agricultural rents were generally appreciating at a rate of 2.0% to 3.0% per year. During this period, two relatively similar properties sold, providing a direct indication as to the change in farmland prices. A paired sale comparison between the 2020 purchase of the Wing Ranch (Sale 1) and the 2023 sale of the Harney Ranch (Sale 3) indicates the following:

Market Conditions Adjustment
Sale number to Difference
Ranch name Wing Harney
Area Chualar Chualar
Sale date 11/2/2020 9/5/2023 2.84
Usable farm acreage 305.7 146.0
Farmland allocation per acre $60,517 $64,726
Agricultural adjustment 0.0% 0.0%
Adjusted farmland alloc/acre $60,517 $64,726 7.0%
Annual % change 2.4%
Appraisal Report - Chunn Ranch LLC Page 31
Based in part on the above an annual time adjustment of 2.5% is applied to the 2020 to 2022 sales through the end of 2023. An adjustment, though, is not applied to Sale 5, which sold in 2021 at a high price that is considered indicative of current market conditions. A market adjustment is also not applied to the 2023 sales as they are considered indicative of market conditions as of the valuation date.

Agricultural Adjustment
The agricultural adjustment pertains to the difference in soil, water and climate between the sales and the subject. The adjustments applied are predicated on internal comparisons between these sales as well as a comparison of rental values. The following paired sale comparisons are considered in determining appropriate agricultural adjustments.

Location Adjustment
Sole Comparison #1
Sale number 1 to 4 and 6
Ranch name Wing Vosti Herold
Area Chualar Gonzales Gonzales
Sale date 11/2/2020 10/27/2020 1/3/2020
Usable farm acreage 305.7 95.4 538.0
Farmland allocation per acre $60,500 $56,038 $67,844
indicated % difference 9.2% 12.1%
Sale Comparison #2
Sale number 8 to 4 and 6
Ranch name Hunter Vosti Herold
Area Salinas Gonzales Gonzales
Sale date 6/30/2023 10/27/2020 1/3/2020
Usable farm acreage 82.8 95.4 538.0
Farmland allocation per acre $90,876 $66,038 $67,844
Market conditions adjustment 0.0% 7.9% 10.0%
Adjusted price per acre $90,876 $71,284 $74,619
indicated % difference -21.6% -17.9%
Size
Generally, there is an inverse relationship in unit prices based on size; however, in the Salinas Valley there is typically not a significant per-acre difference for farm properties. Institutional investors and many growers prefer 200 to 500 acres to 20 to 100 acres because of economies of scale and the efficiency of farming a larger property. Therefore, a size adjustment is not applied to these sales.

Appraisal Report - Chunn Ranch LLC Page 32
Sale Adjustment Summary
The following tables summarize the adjustments applied to the sales.

Adjustment Summary
Sale number 1 2 4 5 8
Ranch name Wing Wimer Harney Vosti Nielson Herold
Sale date 11/2/2020 9/30/2021 9/5/2023 10/27/2020 9/24/2021 Location Chualar Cyn Rd Highway 101 Spence Rd River Rd Old Stage Rd Nearest city Chualar Chualar Chualar Gonzales Salinas
Usable farm acres 305.7 133.6 146.0 95.4 187.5 538.0 82.8 Sale price $18,500,000 $8,174,000 $9,450,000 $6,300,000 $12,876,650 Non-farmland allocations 50 $74,000 $e se $495,000
Farmland allocation $18,500,000 $8,248,000 $9,450,000 $6,300,000 $12,381,650 Property rights adjustment $0 $0 -$400.000
Adjusted sale price $18,500,000 $8,248,000 $9,450,000 $6,300,000 $11,981,650 Expenditures after sale se $0 $0 $223,350 $0
Adjusted sale price $18,500,000 $8,248,000 $9,450,000 $6,300,000 $12,205,000 Adjusted price per usable acre $60,517 $61,718 $64,726 $66,038 $65,093 Market conditions adj. @2.5% 7.9% 5.6% 0.0% 7.9% 0.0% 10.0% 0.0% Adjusted price per usable acre $65,304 $65,190 $64,726 $71,284 $65,093 Agricultural adjustment 10.0% 7.5% 10.0% 0.0% 7.5%

0.0%
Adjusted price per usable acre (rnd $71,800 $70,100 $71,200 $71,300 $70,000 $74,600 $72,700 The above table provides an adjusted range of $70,000 to $74,600 per usable acre. Sale 6 provides the highest indication, but this is also the oldest sale included in this analysis and considering the more recent sales, a lower value is appropriate. The remaining sales provide a range of $70,000 to $72,700 per acre from which a value of $71,500 is concluded for the Chunn Ranch from the sales comparison approach.

Hence,
Land area (acres) 181.2
Land value per square foot $71,500
Land value from the sales comparison approach $12,955,800 Rounded to nearest $1,000 $12,956,000
Appraisal Report - Chunn Ranch LLC Page 33

INCOME APPROACH
The income approach is based upon the economic principle of anticipation that value is created by the expectation of benefits to be derived in the future. There are a variety of income approaches, of which the Direct Capitalization Method is employed for estimating the fee simple land value. The Direct Capitalization Method applies an overall capitalization rate to a single year's net operating income (NOI).

By dividing the NOI by an appropriate capitalization rate, the value estimate by the income approach is derived. This is an appropriate method when the income stream, either actual or estimated, is generated by rental rates at or near the fair market level.

Gross Market Rent
The first step in applying the income approach requires estimating the market rental value. Market rental value is defined as:

The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (Tl's).®
In the Salinas Valley, most leases are written on a net basis with the tenant responsible for property taxes.

If property taxes were relatively similar amongst agricultural properties, the economic rent would be derived strictly from comparing net rents. However, because of California's Proposition 13 tax code and CSIP fees, the assessed valuation amongst properties can vary depending upon when the last transfer occurred or whether it is within CSIP. Hence, property taxes are not consistent from one property to the next, and to accurately compare the rental value of properties the appropriate unit of measuring is the "gross rent" paid by the tenant, which consists of the net rent and property taxes.

In estimating the gross market rental value, we conducted an investigation into agricultural rents involving irrigated farmland located in the central portion of the Salinas Valley. The general area of this market rent investigation is depicted in the following:
& Dictionary of Real Estate Appraisal - 6*h Edition, Appraisal Institute; p. 140.

Appraisal Report - Chunn Ranch LLC Page 34
Google Earth
Within the area depicted above, 11 comparable leases are considered in estimating the market rental value of the subject property. Due to the confidential nature of leases, the parties and/or properties are not specifically identified, but are summarized as follows:

Summary of Comparable Farm Leases Soil Summary 2024 Season Lease No. Area Lease Term Sandy/Clay Loams/DGs Gross Rent 1 Gonzales to Soledad 2023-2025 0%/100%/0%
$2,260
2 Chualar to Gonzales 2022-2025 0%/100%/0%
$2,410
3 Gonzales to Soledad 2024-2027 17%/81%/2% $2,424
4 Chualar to Gonzales 2022-2025 0%/100%/0% $2,430
5 Chualar to Gonzales 2023-2026 0%/100%/0% $2,500
Gonzales to Soledad 2021-2024 25%/75%/0% $2,515
Chualar to Gonzales 2023-2026 0%/100%/0% $2,560
Gonzales to Soledad 2023-2026 5%/90%/5% $2,600
Gonzales to Soledad 2021-2025 25%/75%/0% $2,615
10 Salinas to Chualar 2023-2026 0%/0%/100% $2,630
11 Chualar to Gonzales 2021-2024 0%/100%/0% $2,840
Appraisal Report - Chunn Ranch LLC Page 35
The above table provides an overall range of $2,260 to $2,840 per acre. Within this range, Leases 2 to 10 provide the greatest comparability to the subject property and indicate a range of $2,410 to $2,630 per acre. In consideration for the soils and water improvements, a rent at the mid-to-upper end of this range would be expected, and a gross rent of $2,600 per acre is concluded as the market rent of the Chunn Ranch.

Expenses
Property taxes represent the primary expense item in this valuation. As noted previously, the property is subject to a Farmland Security Zone contract. The property taxes under an FSZ contract are accounted for by adding direct property taxes as a line item and adding 65% of the property tax rate to the capitalization rate.

Capitalization Rate
In estimating an appropriate capitalization rate, consideration is given to the sales included in the sales comparison approach. The market data is summarized as follows:

Summary of Farmland Capitalization Rates
Sale number 1 2 3 4 5 6
8 Ranch name Wing Wimer Harney Vosti Nielson Hunter
Sale date 11/2/2020 9/30/2021 9/5/2023 10/27/2020 9/24/2021 Location Chualar Cyn Rd Highway 101 Spence Rd River Rd
Usable farm acres 305.7 133.6 146.0 95.4 187.5 82.8
Farmland allocation $18,500,000 $8,248,000 $9,450,000 $6,300,000 Expenditures after sale $0 se $D 50
Adjusted farmland allocation $18,500,000 $8,248,000 $9,450,000 Farmland allocation per acre $60,500 $61,700 $64,700
Gross income per acre $2,465 $2,600 $2,485
Property tax estimate upon sale $465 $475 $490 $750 $250 $505 Net income per acre $2,000 $2,125 $1,995 $1,750
Capitalization rate 3.3% 3.4% 3.1% 2.7% 3.5% 2.9% 3.2%
The above table provides a range of 2.7% to 3.5%. Sale 4 at 2.7% provides the lowest indication and is near the subject property; however, this ranch has a long-term potential for industrial development and a rate above 2.7% applies to the subject property. The remaining sales provide a range of 2.9% to 3.5%.

While rates have been trending upwards in recent years, it is estimated that demand would be strong for the subject property due to its soils, location, and water quality. A rate toward the lower end of this range is appropriate, and a rate of 3.0% is applied. Hence,
Appraisal Report - Chunn Ranch LLC Page 36
Usable acres 181.2
Gross rent per usable acre $2,600
Gross annual rent $471,120
Less: Direct property taxes $7,329
Net annual income before % based taxes $463,791
Capitalization rate 3.00%
Add: FSZ adjusted tax rate 1.14% x 65.0% = 0.74%
Weighted capitalization rate 3.74%
Capitalized value $12,390,251
Rounded to $12,390,000
Value per usable acre $68,400
Value indicated from the sales comparison approach
$12,956,000
Value indicated from the income approach $12,390,000
The two approaches to value provide the above indications from which a rounded value near the mid- point is concluded as the fair market value of the Chunn Ranch before the take. Hence, Fair market value of the property before the take $12,685,000 Fair value value per acre (rounded) $70,000
Appraisal Report - Chunn Ranch LLC Page 37

FAIR MARKET VALUE OF THE PART TAKEN
As per the legal descriptions of the proposed takes, which are included in the addendum, the parts taken are depicted as follows:

Proparty Boundary
Proposed SSE (Approx)
Proposed TCE (Approx)
Google Earth
The SSE is a permanent easement that runs immediately adjacent to an existing SSE near the west property boundary. The easement varies in width from about 4.7+ to 12.8t feet and, according to the legal description included in the addendum, encumbers 5,969t square feet.

The TCE is a temporary easement that will encumber a portion of the property for a six month period, commencing November 1, 2024 and continuing through April 30, 2025. According to the legal description included in the addendum, the TCE encumbers a total of 1.58t acres. However, this includes lands within the proposed SSE. Omitting the land within the proposed SSE, the net area encumbered by the TCE is approximately 1.44t acres.

The proposed easements are summarized as follows:

Appraisal Report - Chunn Ranch LLC Page 38
Take Summary
Description Square Feet Acres
Sanitary Sewer Easement (SSE) 5,969
Temporary Contruction Easement (TCE) 1.58
Less: Acres within the proposed SSE 0.14
Total TCE area outside the proposed SSE 1.44

SANITARY SEWER EASEMENT
The fair market value of the property before the take was concluded at $70,000 per acre. The fair market value of the SSE would be less than the fee simple value because the fee owner retains use of the easement area for internal roads and farming. Because the SSE is situated along the west side of the property and near a bank between the upper and lower benches of the Salinas Valley, the effect of the easement, as it is unlikely that this area would be anything else than a farm road or bank. The effect on the fee value would be less than 50% and the value of the SSE is concluded at 35% of the fee value.

Therefore, the value of the part taken is calculated as follows:

SSE land area (square feet) 5,969
Fee simple land value per acre before the take $70,000
% of fee simple value 35.0%
Fair market value per acre of the part taken $24,500
Fair market value of the part taken $3,357

TEMPORARY CONSTRUCTION EASEMENT
The value of the TCE is considered later as it is only a temporary taking.

FAIR MARKET VALUE OF THE PART TAKEN
The fair market value of the part taken is concluded as follows:

Fair market value of the part taken $3,357

FAIR MARKET VALUE OF THE REMAINDER AS PART OF THE WHOLE The fair market value of the remainder as part of the whole is the fair market value of the property before the take less the fair market value of the part taken, which is calculated as follows:

Appraisal Report - Chunn Ranch LLC Page 39
Fair market value of the property before the take $12,685,000 Fair market value o the part taken $3,357
Fair market value of the remainder as part of the whole $12,681,643

FAIR MARKET VALUE OF THE REMAINDER BEFORE CONSIDERING SPECIAL BENEFITS There are no damages associated with the take as the remaining acreage would retain a value of $70,000 per acre. Therefore, the fair market value of the remainder before considering special benefits is concluded as follows:

Fair market value of the remainder as part of the whole $12,681,643 Damages $0
Fair market value of the remainder after the take before considering special benefits $12,681,643

FAIR MARKET VALUE OF THE REMAINDER CONSIDERING SPECIAL BENEFITS The project does not provide special benefits. Therefore, the fair market value of the remainder after the take and after considering special benefits is as follows:

Fair market value of the remainder after the take before considering special benefits $12,681,643 Special benefits
Fair market value of the remainder after the take after considering special benefits $12,681,643

FAIR MARKET VALUE OF THE TEMPORARY CONSTRUCTION EASEMENT The proposed TCE encumbers approximately 1.58t acres of the subject property, excluding the land areas within the proposed SSEs. The easement would encumber the property for 6 months, commencing November 1, 2024 and continuing through April 30, 2025.

The value of the TCE is predicated on an appropriate land rent for the TCE for its duration. The market rent of the subject property was previously estimated at $2,600 per acre. Hence, the value of the TCE is concluded as follows:

Appraisal Report - Chunn Ranch LLC Page 40
TCE land area (acres), excluding the land area within the existing sanitary sewer easement 1.44 Gross annual rent per acre $2,600
Annual rent for the TCE $3,752
Estimated duration of the TCE (months) 6
Fair market value of the TCE
$1,876
Additionally, the property owner will have to install farm roads along the TCEs to continue farming the remainder of the property during the construction period. It is assumed that these farm roads will be 12 feet wide, running adjacent to the TCEs. Based upon these assumptions, the temporary farm roads will take in approximately 0.86t acres.

The land area within the TCEs and this adjoining farm road will likely be compacted from the construction and/or road use and will likely require a period of time to restore those lands to a farming use. These lands could also provide limited utility to the property owner for the remainder of the 2025 season depending on crop planting schedules. To account for this restoration period and potential interruption of crop planting schedules, an additional 6 months is applied to these lands to provide sufficient time to rip, till and prepare the soils for a farming use.

Compacted land areas
TCE land area (acres) 1.44
Additional land area adjacent to the TCE

0.86 Total compacted land areas 2.30
Gross annual rent per acre $2,600
Annual rent for the compacted land areas $5,978
Estimated duration to restore compacted areas to farming use (months) 6 Additional value for TCE-related compacted lands $2,989 Thus, the total compensation for the TCE is as follows:

Fair market value of the TCE $1,876
Additional TCE value for TCE-related compacted lands $2,989 Total compensation $4,865
Appraisal Report - Chunn Ranch LLC Page 41

COMPENSATION SUMMARY
Fair market value of the part taken as part of the whole $3,357 Damages & special benefits
Damages $o
Less: Special benefits $0
Subtotal $0
Value of the TCE $4,865
Total value of the take $8,222
Appraisal Report - Chunn Ranch LLC Page 42

CERTIFICATION
I certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct.

I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.

I appraised the Chunn Ranch several times over the past few years and most recently in 2023. I also appraised the proposed TCE for the City of Gonzales in 2023 and 2024. However, other that these prior appraisal services, I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Çode of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute.

I have made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this certification.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, John W. Piini, MAI has completed the continuing education program for Designated members of the Appraisal Institute.

Vor - WHini
Certified General Real Estate Appraiser
State of California, BREA Number AG005214
Appraisal Report - Chunn Ranch LLC Page 43

CERTIFICATION
I certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased professional analyses, opinions and conclusions.
have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.

I appraised the proposed TCE for the City of Gonzales in 2023 and 2024 but have performed no other service, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute.

I have made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this certification.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
• As of the date of this report, Greg Pini, MAI has completed the continuing education program for Designated members of the Appraisal Institute.

Greg Plini, MAI
Certified General Real Estate Appraiser
State of California, BREA Number AG044270
Appraisal Report - Chunn Ranch LLC Page 44

LIMITING CONDITIONS
Assumptions and Limitations of Appraisal
This appraisal is for no purpose other than property valuation, and the appraiser(s) is neither qualified nor attempting to go beyond that narrow scope. The reader should be aware that there are also inherent limitations to the accuracy of the information and analyses contained in this appraisal. Before making any decision based on the information and analysis contained in this report, it is critically important to read this entire section to understand these limitations.

Appraisal is not a Legal Opinion
No opinion is intended to be expressed for legal matters or that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed in the report.

No opinion as to title is rendered. Data on ownership and the legal description were obtained from sources generally considered reliable. Title is assumed to be marketable and free and clear of all liens and encumbrances, easements, and restrictions except those specifically discussed in the report. The property is appraised assuming it to be under responsible ownership and competent management and available for its highest and best use.

It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. A comprehensive examination of laws and regulations affecting the subject property was not performed for this appraisal.

It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report. Information and analysis shown in this report concerning these items is based only on a rudimentary investigation.

Any significant question should be addressed to local zoning or land use officials and/or an attorney.

It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. Appropriate government officials and/or an attorney should be consulted if an interested party has any questions or concerns on these items since the appraiser(s) has not made a comprehensive examination of laws and regulations affecting the subject property.

Appraisal Report - Chunn Ranch LLC Page 45
Testimony or attendance in court or at any other hearing is not required by reason of rendering this appraisal unless a signed contract has been executed prior to the date of this report.

Appraisal is not a Survey
No engineering survey has been made by the appraiser, and no responsibility is assumed in connection with such matters. Except as specifically stated, data relative to size and area were taken from sources considered reliable, and no encroachment of real property improvements is assumed to exist.

It is assumed that the utilization of the land and improvements is within the boundaries of the property lines of the property described and that there is no encroachment or trespass unless noted in the report.

All maps, plats and exhibits included herein are for illustration only, as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, and the reliability of the information contained on such is assumed by the appraisers) and cannot be guaranteed. A surveyor should be consulted if there is any concern on boundaries, setbacks, encroachments, or other survey matters.

Appraisal is Not an Engineering or Property Inspection Report and is Made Under Conditions with Limited Data
This appraisal should not be considered a report on the physical items that are a part of this property.

Although the appraisal may contain information about the physical items being appraised (including their adequacy and/or condition), it should be clearly understood that this information is only to be used as a general guide for property valuation and not as a complete or detailed physical report. The appraisers) is not a construction, engineering, environmental, or legal expert, and any statement given on these matters in this report should be considered preliminary in nature.

The appraiser(s) has inspected as far as possible, by observation, the land and the improvements; however, it was not possible to personally observe conditions beneath the soil or hidden structural or other components
The appraisal is based on the assumption that there are no hidden, unapparent, or apparent conditions of the property site, sub-soil, or structures or toxic materials which would render it either less or more valuable. The appraiser(s) is not an environmental nor health expert. No responsibility is assumed for any such condition or for any expertise or engineering to discover them.

No opinion is expressed as to the value of subsurface oil, gas or mineral rights and that the property is not subject to surface entry for the exploration or removal of such materials except as is expressly stated.

Appraisal Report - Chunn Ranch LLC Page 46
No chemical or scientific tests were performed by the appraiser(s) on the subject property, and it is assumed that the air, water, ground and general environment associated with the property present no physical or health hazard of any kind unless otherwise noted in the report. It is further assumed that the lot does not contain any type of dump site and that there are no underground tanks (or any underground source) leaking toxic or hazardous chemicals into the groundwater or the environment unless otherwise noted in the report. If any problems of this nature are known to the appraiser(s) which, in the appraiser's opinion would create a significant problem, they are disclosed in this report. Nondisclosure should not be taken as an indication that such a problem does not exist, however. An expert in the field should be consulted if any interested party has questions on environmental factors. If it is found that any of the aforementioned is present, the value of the property may be adversely affected and a re-appraisal at additional cost will be necessary to estimate the effects of such.

Because no detailed inspection was made, and because such knowledge goes beyond the scope of this appraisal, any observed condition or other comments given in this appraisal report should not be taken as a guarantee that a problem does not exist. Specifically, no guarantee is made as to the adequacy or condition of the foundation, roof, exterior walls, interior walls, floors, heating system, air conditions system, plumbing, electrical service, insulation, or any other detailed construction matters. If any interested party is concerned about the existence, condition or adequacy of any particular item, we would strongly suggest that a construction expert be hired for a detailed investigation.

Appraisal Report Limitations
Appraisal reports are technical documents addressed to the specific technical needs of clients. Casual readers should understand that this report does not contain all of the information we have concerning the subject property or the real estate market. While no factors we believe to be significant but unknown to the client have been knowingly withheld, it is always possible that we have information of significance which may be important to others but which, with our limited acquaintance of the property and our limited expertise, does not seem to be important. On the other hand, appraisal reports are performed with a limited amount of data. Data limitations result from a lack of certain areas of expertise by the appraiser (that go beyond the scope of the ordinary knowledge of an appraiser), the inability of the appraiser to view certain portions of the property, the inherent limitations of relying upon information provided by others, etc.

Before relying on any statement made in this appraisal report, interested parties should contact the Appraiser(s) for the exact extent of the data collection on any point which they believe to be important to their decision making. This will enable such interested parties to determine whether they think the extent of our data gathering process was adequate for their needs or whether they would like to pursue additional data gathering for a higher level of certainty.

Appraisal Report - Chunn Ranch LLC Page 47
Opinions and estimates expressed herein represent the appraiser's best judgment but should not be construed as advice or recommendation to act. Any actions taken by you, the client, or any others should be based on your own judgment, and the decision process should consider many factors other than just the value estimate and information given in this report.

Appraisal reports made for lenders are technical documents specifically made to lender requirements.

Casual readers are cautioned about their limitations and cautioned against possible misinterpretation of the information contained in these reports.

Neither all nor any part of the contents of this report, especially any conclusions as to value or the identity of the appraiser or the firm to which appraiser is connected, shall be disseminated to the public for public communication purposes through advertising media, public relations media, news media, sales media or any other public means of communication, without the prior written consent and approval of the author.

The estimated market value, which is defined in the report, is subject to change with market changes over time. Value is highly related to exposure, time, promotional effort, terms, motivation, and conditions.

The value estimates consider the productivity and relative attractiveness of the property physically and economically in the marketplace as of the date of value.

The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised.

Acceptance of Appraisal Report
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

This appraisal is an estimate of value based on an analysis of information known to the Appraiser(s) at the time the appraisal was made. We do not assume any responsibility for incorrect analysis because of incorrect or incomplete information. If new information of significance comes to light, or if any conditions become apparent not previously known to the appraisers) which would affect the value of the property, the value given in this report is subject to change without notice and a re-appraisal at additional cost will be necessary.

Acceptance and/or use of this appraisal report by the client or any third party constitutes acceptance of the above conditions. Appraiser liability extends only to the stated client and not to subsequent parties or users, and the liability is limited to the amount of fee received by the appraisers(s).

Appraisal Report - Chunn Ranch LLC Page 48

ADDENDUM
Grant Deed of
Easement #1 - Sanitary Sewer Easement Area
APN 223-011-032
Chunn Ranch LLC to City of Gonzales

COMMENCING at an angle point in the northeasterly line of said land described in Reel 3189 at Page 1129; thence along the northeasterly line of said land, North 53° 34' 26" East, 11.34 feet to the POINT OF BEGINNING; thence continuing along said northeasterly line 1) North 53° 34' 26" East, 4.66 feet; thence departing said northeasterly line 2) South 11° 37' 55" West, 856.13 feet; thence
3) South 69° 40'37" West, 12.79 feet to a point on the easterly line of said existing sewer easement described in said deed; thence along said easterly line 4) North 12° 08'50" East, 859.46 feet to the POINT OF BEGINNING.

Containing an area of 5,969 square feet, more or less.

This legal description was prepared by:

Lynn A. Kovach P.L.S. 5321
Dated: July 31, 2024

EXHIBIT
Easement #1 Location
OF EASEMENT #1
SANITARY SEWER EASEMENT WITHIN APN 223-061-023
TRACT 4C IN THE RANCHO RINCON DE LA

PUENTE DEL MONTE, CROSSING LANDS OF CHUNN
RANCH DESCRIBED IN REEL 3189, PAGE 1129, APN APN APN
223-011-032 223-011-036 223-011-059

OFFICIAL RECORDS OF MONTEREY COUNTY

GONZALES, CALIFORNIA

VICINITY MAP
Not to scale
New TCE D'Arrigo
New 50' encumbering Document #2020000064
wide TCE D'Amigo Existing SS easement APN 223-061-023
1831-OR-467
POC
POB
New TCE Existing SS easement
encumbering 321-OR-21
Chunn Existing SS easement
1831-OR-456
Easement #1 - New SS
encumbering Chunn Chunn Ranch LLC
3189-OR-1129
APN 223-011-032
LEGEND

PROPERTY LINE
COURSE # IN LEGAL DESCRIPTION

TEMPORARY CONSTRUCTION
PREPARED BY: EASEMENT TCE TEMPORARY CONSTRUCTION

POLARIS LAND SURVEYING LIMITS OF NEW SANITARY EASEMENT

CARMEL VALLEY, CA SEWER EASEMENT SS SANITARY SEWER EASEMENT 831-659-9564

NEW SANITARY SEWER EASEMENT POB POINT OF BEGINNING
SCALE: 1" = 90' VIEW: CHUNN SS DATE: 08-01-2024
FILE NAME: IWTF SS PLATS.DWG 20-129.02 EXISTING SANITARY SEWER EASEMENT POC POINT OF COMMENCEMENT Grant Deed of
Easement #2 - Temporary Construction Easement Area
APN 223-011-032
Chunn Ranch LLC to City of Gonzales

BEGINNING at the most northerly corner of said land described in Reel 3189 at Page 1129; thence along the northeasterly line of said land
1) South 40° 24'14" East, 18.86 feet; thence departing said northeasterly line crossing said land 2) South 53° 33'28" West, 241.39 feet; thence
3) South 53° 32' 26" West, 1000.07 feet; thence
4) South 53° 50' 42" West, 990.42 feet; thence
5) South 11° 37' 55" West, 863.19 feet; thence
6) South 69° 40'37" West, 42.52 feet; thence
7) North 12° 08' 50" East, 876.48 feet; thence
8) North 53° 34' 26" East, 2256.28 feet to the POINT OF BEGINNING.

Containing an area of 1.58 acres, more or less.

This legal description was prepared by:

Lynn A. Kovach P.L.S. 5321
Dated: July 31, 2024

EXHIBIT VICINITY MAP
Not to scale APN 223-061-023
OF EASEMENT #2

TEMPORARY CONSTRUCTION EASEMENT WITHIN
TRACT 4C IN THE RANCHO RINCON DE LA
Easement #2 Location

PUENTE DEL MONTE, CROSSING LANDS OF CHUNN
RANCH DESCRIBED IN REEL 3189, PAGE 1129, APN APN APN
OFFICIAL RECORDS OF MONTEREY COUNTY 223-011-032 223-011-036 223-011-059

GONZALES, CALIFORNIA
D'Arigo
Document #2020000064
APN 223-061-023 POB —
Chunn Ranch LLC
Easement #2 - New TCE 3189-OR-1129
encumbering Chunn APN 223-011-032
LEGEND
PROPERTY LINE * COURSE # IN LEGAL DESCRIPTION
PREPARED BY:

POLARIS LAND SURVEYING TEMPORARY CONSTRUCTION TCE TEMPORARY CONSTRUCTION EASEMENT

CARMEL VALLEY, CA EASEMENT
831-659-9564 РОВ POINT OF BEGINNING

LIMITS OF NEW TEMPORARY
SCALE: 1"= 300' VIEW: CHUNN TCE CONSTRUCTION EASEMENT
DATE: 08-06-2024 Job #20-129.02
FILE NAME: IWTF SS PLATS.DWG
PIINI
REALTY

QUALIFICATIONS OF THE APPRAISER
John Piini has been engaged in the real estate business since 1975. From 1975 to 2008 the majority of real estate activity was in appraising and since 2008 he has been active in both real estate appraisals and brokerage. The majority of appraisal assignments involve acreage and agricultural properties prepared for attorneys, land trusts and property owners throughout Monterey, San Benito, and southern Santa Cruz and southern Santa Clara Counties. He is qualified as an expert witness in the Superior Courts of Monterey, San Benito, Santa Cruz and Santa Clara Counties.

Academic Background
Formal Education
University of California, Los Angeles, BA degree -1974
Appraisal Education
Mr. Piini obtained his MAI designation from the American Institute of Real Estate Appraisers in 1983 after completing the required courses, examinations and experience review requirements.

Since 1983, John Piini has completed a number of appraisal courses and seminars and is current with Appraisal Institute's continuing education requirement.

Professional Experience
1975 - 1983 Associate appraiser with Joe Piini, MAI
1983 - 2008 Part owner of Piini Realty, a family owned and operated real estate firm involved in appraising, brokerage, development and management. 2008 - present Upon the retirement of Jim Piini, John Piini became the sole owner of Piini Realty, which is a full service real estate firm providing appraisal, brokerage and property management services. In 2008, John Piini obtained his California Brokers license and his real estate activity focuses primarily on appraising and marketing agricultural properties.

Appraisal Assignments
The majority of assignments pertain to the valuation of agricultural and acreage properties for a variety of purposes including estate planning, conservation easements, trust management and financial lending. Valuations of commercial, industrial special-use, residential and development properties are also performed.

Professional affiliation and memberships
MAI - Member of the Appraisal Institute - Certification Number 6708 California Certified General Real Estate Appraiser - OREA # AG005214 California Licensed Real Estate Broker - DRE # 00542238 Monterey County Board of Realtors
263 Lincoln Ave., Salinas, CA 93901 | TEL 831-422-5327 | FAX 831-422-8280 | PiiniRealty.com

QUALIFICATONS OF THE APPRAISER
Greg Piini, MAI has been engaged in the real estate business since 2000. Over this period of time, Greg has focused on both real estate appraisal and property management.

Academic Background
Formal Education
Hillsdale College, Hillsdale, Michigan. Bachelor of Arts in Finance, 2000 Appraisal Education
Appraisal Institute - 2001 through current. Beginning in 2001, Greg began taking appraisal classes with the Appraisal Institute and has continued taking classes and seminars over the years. Greg is current with the continuing education requirements of the BREA and the Appraisal Institute.

Professional Experience
Piini Realty, Inc.
2000 - 2019 During the first nine years, Greg worked as an associate appraiser with John W. Piini, MAl. In 2009, Greg obtained his Certified General Real Estate Appraisal License, and in 2016, he completed the requirements to obtain the MAI designation of the Appraisal Institute. 2019 - Current In 2019, Greg became part owner of Piini Realty-a family owned and operated real estate firm involved in appraising, brokerage, development and management.

Appraisal Assignments
The majority of appraisal assignments involve acreage, agricultural, commercial and industrial properties located in Monterey, Santa Cruz, San Benito and Santa Clara Counties.

The appraisals are prepared for a variety of clients that range from attorneys, land trusts, government agencies, and property owners for a variety of purposes that include estate planning, conservation easements, trust management, and financial lending.

Professional affiliation and memberships
Appraisal Institute
California Certified General Real Estate Appraiser - BREA # AG044270 California Licensed Real Estate Salesperson - BRE # 01294279 Monterey County Board of Realtors

Gonzales City CouncilOctober 21, 2024

Gonzales City Council
October 21, 2024