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PARAGON <br />PARTNERS <br />LTD <br />Page Two <br />August 16, 2016 <br />The property interests OCTA seeks to acquire consists of the Property in fee simple <br />absolute (the 'Property Interests"). These Property Interests are more particularly <br />described and depicted in the enclosed legal description and plat map. <br />Just Compensation: <br />Beth Finestone, a licensed real estate appraiser with Integra Realty Resources — Los <br />Angeles has inspected and appraised the Property Interests for the purpose of <br />determining their fair market value. Based on this appraisal, OCTA has determined that <br />the just compensation for the PropertyInterests is $724,000. Enclosed with this letter is <br />a copy of the appraisal summary statement, which is the basis for the amount <br />established as just compensation for the purchase of the Property Interests. <br />Offer to Purchase: <br />Based on the determined just compensation, OCTA hereby offers to purchase the <br />Property Interests for $724,000. This is an offer to purchase the Property Interests <br />upon the terms set forth in the enclosed Right of Way Contract free of all liens and other <br />encumbrances, except as may be agreed to by OCTA. This offer is also based on the <br />assumption that the Property Interests are free of contamination and require no <br />remediation other than the contamination and remediation described in a Limited Phase <br />II Environmental Report prepared by Eco & Associates, Inc., dated May 4, 2016 (the <br />"Environmental Report"), which will be available to Grantor for review. If contamination <br />is found, other than the contamination found in the Environmental Report, this offer will <br />be subject to amendment. This offer does not reflect or include any relocation benefits <br />related to possible relocation of personal property to which you may be entitled. <br />Owner's Appraisal: <br />You have the right to obtain your own independent appraisal as part of the acquisition <br />process. Pursuant to California Code of Civil Procedure section 1263.025, you are <br />entitled to receive the reasonable cost, up to five thousand dollars ($5,000), for an <br />independent appraisal you obtain. The appraisal you obtain must be conducted by an <br />appraiser licensed by the California Bureau of Real Estate Appraisers (formerly the <br />California Office of Real Estate Appraisers) and your request for reimbursement must <br />be submitted in writing to OCTA with a copy of the appraisal and an invoice from the <br />appraiser. <br />1185108.1 <br />75E-9 <br />