Item 10 - Recieve and File the Washington Park Feasibility Study

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Assumptions and Limiting Conditions Standards Rule (S.R.) 2-1 of the Standards of Professional Appraisal Practice of the Appraisal Institute requires the appraiser to "clearly and accurately disclose any assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. In compliance with S.R. 2-1, and to assist the reader in interpreting this report, such Assumptions and Limiting Conditions are set forth as follows: 1. This report is restricted in that it does not present discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. This report cannot be thoroughly understood without this information. This information has been retained in the appraiser's file. 2. The appraiser assumes no responsibility for hidden or unapparent conditions of the property, subsoil, groundwater, or structures that render the subject property more or less valuable. No responsibility is assumed for arranging for engineering, geologic, or environmental studies that may be required to discover such hidden or unapparent conditions. 3. Hennessey & Hennessey LLC's liability is limited to the amount of the fee. The firm and the appraiser preparing the report are not responsible for erroneous information provided by others. There is no accountability or liability to a third party. 4. The contract for appraisal, consultation, or analytical services is fulfilled and the total fee is due upon completion of the report. The appraiser or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post -appraisal consultation with client or third parties except under separate and special arrangements made a reasonable time in advance and at an additional fee for time and expenses. 5. The client shall notify the appraiser of any error, omission, or invalid data herein within 10 days of receipt and return the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. 6. Neither the appraiser's name nor this report may be used in connection with any financing plans that would be classified as a public offering under state or federal security laws. 7. Unless otherwise stated, the subject property is appraised assuming it to be in full compliance with all applicable zoning and land use regulations and restrictions. The property is appraised assuming that all required licenses, permits, certificates, consents, or other legislative and/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. 8. No engineering survey has been made by the appraiser. Except as specifically stated, data relative to the size and area of the subject property was taken from information provided by the City of Santa Ana, and no encroachment of the subject property is considered to exist. 9. In preparing this report, the appraiser was required to rely on information furnished by other individuals or found in existing records and/or documents. Unless otherwise indicated, such informa- tion is presumed to be reliable. However, no warranty, either expressed or implied, is given by the appraiser for the accuracy of such information, and the appraiser assumes no responsibility for information relied upon later found to have been inaccurate. The appraiser reserves the right to make such adjustments to the analyses, opinions, and conclusions set forth in this report as may be required by consideration of additional data or more reliable data that may become available. 10. Maps, plats, and exhibits included in this report are for illustration only to serve as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, nor should they be removed from, reproduced, or used apart from the report. City of Santa Ana Washington Square Property, Santa Ana Date of Value: February 8, 2024 12 Page 44