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CONTINGENT AND LIMITING CONDITIONS The estimated market value, which is defined in the report, is subject to change with market conditions over time; value is highly related to exposure, time, promotional effort, terms, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace. In cases of appraisals involving the capitalization of income benefits, the estimate of market value or investment value or value in use is a reflection of such benefits and the appraiser's interpretation of income and yields and other factors derived from general and specific client and market information. Such estimates are based on income as of the appraisal date along with any reasonable expectations of change in that income over the succeeding 12 months to the extent estimable on the appraisal date; they are, however, subject to change or outcomes other than anticipated due to the dynamic nature of the real estate market. 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. The appraisal report and value estimate are subject to change if physical, legal, or taxing entity or financing is different than that envisioned in this report. Values are based on present property tax laws and do not anticipate future changes in property tax laws. It is assumed that the property, which is the subject of this report, will be under prudent and competent ownership and management, neither inefficient nor superefficient. The fee for this appraisal or study is for the service rendered and not for the time spent on the physical report or the physical report itself. -- Unless otherwise noted herein, the review appraiser has supervised and directed all of the research effort, has taken a major role in the analysis ofthe data produced by this research, but has not personally performed the research and has not necessarily inspected the subject or market comparable properties. -- The appraiser(s) reserves the right to alter statements, analyses, conclusions, or any value estimates in the appraisal if there becomes known to us facts pertinent to the appraisal process which were unknown to us when the report was finished.