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CONTINGENT AND LIMITING CONDITIONS
<br />-- The appraiser has inspected as far as possible, by observation, the land and the improvements; however, it was
<br />not possible to personally observe conditions beneath the soil or hidden structural or other components. The
<br />appraisal is based on there being no hidden, unapparent, or apparent conditions which would render it more or
<br />less valuable. We have not critically inspected mechanical components within the improvements unless
<br />specifically stated and considered in the report. All mechanical components are assumed to be in operable
<br />condition and status standard for properties of the subject type. No judgment may be made by us as to adequacy
<br />of insulation, type of insulation, or energy efficiency of the improvements or equipment which is assumed
<br />standard for subject age and type. The value estimate considers there being no such conditions that would cause
<br />a loss of value. The land or the soil of the area being appraised appears firm; however, subsidence in the area is
<br />unknown. The appraiser(s) does not warrant against this condition or occurrence of problems arising from soil
<br />conditions.
<br />-- Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on
<br />the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such
<br />materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence
<br />of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may
<br />affect the value of the property. The value estimate is predicated on the assumption that there is no such material
<br />on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or
<br />for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in
<br />this field, if desired.
<br />-- If the appraiser has not been supplied with a termite inspection, survey, or occupancy permit, no responsibility or
<br />representation is assumed or made for any costs associated with obtaining same or for any deficiencies
<br />discovered before or after they are obtained. No representation or warranties are made concerning obtaining the
<br />above-mentioned items.
<br />The appraiser assumes no responsibility for any costs or consequences arising due to the need, or the lack of
<br />need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to
<br />determine the actual need for flood hazard insurance.
<br />The appraisal is based on the premise that there is full compliance with all applicable federal, state, and local
<br />environmental regulations and laws unless otherwise stated in the report; further, that all applicable zoning,
<br />building, use regulations, and restrictions of all types have been complied with unless otherwise stated in the
<br />report; further, it is assumed that all required licenses, consents, permits, or other legislative or administrative
<br />authority, local, state, federal, and/or private entity or organization have been or can be obtained or renewed for
<br />any use considered in the value estimate.
<br />The distribution of the total valuation in this report between land and improvements applies only under the
<br />existing program of utilization. The separate valuations for land and building must not be used in conjunction
<br />with any other appraisal and are invalid if so used.
<br />No environmental or impact studies, special market study or analysis, highest and best use analysis study, or
<br />feasibility study has been requested or made unless otherwise specified in an agreement for services or in the
<br />report.
<br />-- The market value estimated, and the costs used, are as of the date of the estimate of value. All dollar amounts
<br />are based on the purchasing power and price of the dollar as of the date of the value estimate.
<br />-- Furnishings and equipment or personal property or business operations, except as specifically indicated and
<br />typically considered as a part of real estate, have been disregarded with only the real estate being considered in
<br />the value estimate unless otherwise stated. In some property types, business and real estate interests and values
<br />are combined.
<br />-- Improvements proposed, if any, on. or off-site, as well as any repairs required, are considered, for purposes of
<br />this appraisal, to be completed in a good and workmanlike manner according to information submitted and/or
<br />considered by the appraisers. In cases of proposed construction, the appraisal is subject to change upon
<br />inspection of property after construction is completed. This estimate of market value is as of the date shown, as
<br />proposed, as if completed, and operating at levels shown and projected.
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