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EXHIBIT 3 VaIbridge Public Pay Parking Lot PROPERTY ADVISORS ADDENDA HVAC Heating, ventilation, air conditioning. A general term encompassing any system designed to heat and cool a building in its entirety. Highest and Best Use The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are 1) legal permissibility, 2) physical possibility, 3) financial feasibility, and 4) maximally profitability. Alternatively, the probable use of land or improved —specific with respect to the user and timing of the use—that is adequately supported and results in the highest present value. (Dictionary) Hypothetical Condition That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (Dictionary) Industrial Gross Lease A lease of industrial property in which the landlord and tenant share expenses. The landlord receives stipulated rent and is obligated to pay certain operating expenses, often structural maintenance, insurance and real estate taxes as specified in the lease. There are significant regional and local differences in the use of this term. (Dictionary) Insurable Value A type of value for insurance purposes. (Dictionary) (Typically this includes replacement cost less basement excavation, foundation, underground piping and architect's fees). Investment Value The value of a property interest to a particular investor or class of investors based on the investor's specific requirements. Investment value may be different from market value because it depends on a set of investment criteria that are not necessarily typical of the market. (Dictionary) Just Compensation In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken. Just compensation should put the owner in as good a position as he or she would be if the property had not been taken. (Dictionary) © 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Leased Fee Interest A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease). (Dictionary) Leasehold Interest The tenant's possessory interest created by a lease. (Dictionary) Lessee (Tenant) One who has the right to occupancy and use of the property of another for a period of time according to a lease agreement. (Dictionary) Lessor (Landlord) One who conveys the rights of occupancy and use to others under a lease agreement. (Dictionary) Liquidation Value The most probable price that a specified interest in real property should bring under the following conditions: Consummation of a sale within a short period. The property is subjected to market conditions prevailing as of the date of valuation. Both the buyer and seller are acting prudently and knowledgeably. The seller is under extreme compulsion to sell. The buyer is typically motivated. Both parties are acting in what they consider to be their best interests. A normal marketing effort is not possible due to the brief exposure time. Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Dictionary) Loan to Value Ratio (LN) The amount of money borrowed in relation to the total market value of a property. Expressed as a percentage of the loan amount divided by the property value. (Dictionary) Major Vertical Penetrations Stairs, elevator shafts, flues, pipe shafts, vertical ducts, and the like, and their enclosing walls. Atria, lightwells and similar penetrations above the finished floor are included in this definition. Not included, however, are vertical penetrations built for the private use of a tenant occupying office areas on more than one floor. Structural columns, openings for vertical electric cable or telephone distribution, and openings for plumbing lines i . . Page 56