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Assumptions and Limiting Conditions
<br />Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE's
<br />attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information
<br />inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial
<br />negative impact on the Report and any conclusions stated therein. Accordingly, if any such information is
<br />subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the
<br />conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any
<br />expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the
<br />applicable field(s) for information regarding such conditions.
<br />4. CBRE has assumed that all documents, data and information furnished by or on behalf of the client, property owner
<br />or owner's representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and
<br />information include, without limitation, numerical street addresses, lot and block numbers, Assessor's Parcel
<br />Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas,
<br />net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating
<br />expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report
<br />and any conclusions stated therein. Accordingly, if any such errors are subsequently made known to CBRE, CBRE
<br />reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended
<br />user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should
<br />immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report.
<br />5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or
<br />information not provided to CBRE, including, without limitation, any termite inspection, survey or occupancy permit.
<br />6. All furnishings, equipment and business operations have been disregarded with only real property being
<br />considered in the Report, except as otherwise expressly stated and typically considered part of real property.
<br />7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the
<br />information and assumptions contained within the Report. Any projections of income, expenses and economic
<br />conditions utilized in the Report, including such cash flows, should be considered as only estimates of the
<br />expectations of future income and expenses as of the date of the Report and not predictions of the future. This
<br />Report has been prepared in good faith, based on CBRE's current anecdotal and evidence -based views of the
<br />commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this
<br />Report, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE's control.
<br />In addition, many of CBRE's views are opinion and/or projections based on CBRE's subjective analyses of current
<br />market circumstances. Actual results are affected by a number of factors outside the control of CBRE, including
<br />without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from
<br />these projections, and CBRE does not warrant any such projections. Further, other firms may have different
<br />opinions, projections and analyses, and actual market conditions in the future may cause CBRE's current views to
<br />later change or be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses
<br />or market circumstances later change.
<br />8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or
<br />guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to
<br />the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort,
<br />terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole
<br />purpose of providing the intended user with CBRE's independent professional opinion of the value of the subject
<br />property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any
<br />investment or lending decision based upon the Report that the client, intended user, or any buyer, seller, investor,
<br />or landing institution may undertake related to the subject property, and CBRE has not been compensated to
<br />assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect
<br />recommendation of CBRE to buy, sell, hold, or finance the subject property.
<br />9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge
<br />including, but not limited to, environmental, social, and governance principles ("ESG"), beyond that customarily
<br />employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside
<br />the scope of the real estate appraisal profession for such matters.
<br />10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for
<br />flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the
<br />actual need for Flood Hazard Insurance.
<br />11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and
<br />any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full,
<br />comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no
<br />responsibility for any situation arising out of the user's failure to become familiar with and understand the same.
<br />12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests
<br />will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests.
<br />CBRE VALUATION & ADVISORY SEWICES 28 © 2025 CBRE, INC
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