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DEFINITION OF MARKET VALUE: The. must probable price which a property should bring in a competitive and open
<br />t market under all conditions requisite tit a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
<br />the price is not affected by undue stinwlus. Implicit in this definition is the consummation of a sale as of a specified date
<br />and the passing of tide from seller it) buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
<br />parties arc well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time
<br />is allowed for exposure in the open marker, (4) payment is madc in terms of cash in U.S- dollars or in terms of financial
<br />arrangements comparable thereto; and (5) the price represenls the normal consideration for the properly sold unaffected by
<br />special or creative financing or sales concessions' granted by anyone associated with the sale.
<br />•Adjusuncnts to the comparahlcs must be madc for special nr creative financing or sales concessions. No adjustments are
<br />necessary for those costs which arc normally paid by sellers as a result of tradition or law in a market area; these costs are
<br />readily identifiable since the seller pays these cnsts in virtually all sales transactions. Special or creative financing adjustments
<br />can be made to the comparable properly by comparisons lo financing terms offered by a third party institutional lender that
<br />is not already Involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for
<br />dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction
<br />to the financing or concessions based on the appraiser's judgment.
<br />CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS
<br />CERTIFICATION: The Appraiser certifies and agrees that:
<br />I. The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to
<br />make the appraisal, nor the compensation for it, is contingent upon the appraised value of the properly.
<br />2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the partici-
<br />pants to the sale. The "Exitimmtc of Market Value" in the appraisal report is not based in whole or in pan upon the race, color,
<br />or national origin of the prospective owners or nccupants of the properly appraised, or upon the race, color or national origin
<br />of the present owners or tecupums of the properties in du vicinity of the property appraised.
<br />3. The Apps :is, bas.personally inspected the property, both inside and out, and has made an exterior inspection of all
<br />compa;a.L.lc sales, listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in
<br />this rcpon are true and correct. and the Appraiser has not knowingly withheld any significant information.
<br />4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the under-
<br />signed affecting the analyses. opinions, and conclusions cmntainca in the report).
<br />5. This appraisal relent has been made in conlbnmity with and is subject to the requirements of the Code of Professional
<br />Ethics and Standards of Prnfcssional Conduct of the appraisal organizations with which the Appraiser is affiliated.
<br />6. All conclusions and opinions concerning the real estate that arc set forth in the appraisal report were prepared by the
<br />Appraiser whose signature appears on the appraisal refatn. unless indicated as "Review Appraiser;' No change of any item in
<br />she appraisal report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any
<br />such unauthorized change,
<br />CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject
<br />to the following conditions and to such other specific and limiting conditions as arc set forth by the Appraiser in the report.
<br />I- The Appraiser assumes no responsibility for natters of a legal nature affecting the properly appraised or the tide there-
<br />to, nor does the Appraiser render any opinion as to the tide, which is assumed to be good and marketable. The properly is
<br />appraised as though under responsible ownership.
<br />2. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the prop -
<br />eny. The Appraiser has made no survey of the property.
<br />3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference
<br />to the properly in question, unless arrangements have been previously made therefor-
<br />4. Any distribution of the valuation in the rcpnn between land and improvements applies only under the existing program
<br />of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are
<br />invalid if so used.
<br />5. The Appraiser assumes that there arc no hidden or unapparenl conditions of the properly, subsoil, or structures, which
<br />would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which
<br />might be required to discover such factors.
<br />6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources
<br />considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the
<br />Appraiser can be assumed by the Appraiser.
<br />7. Disclosure of the contents of the appraisal rcpon is governed by the Bylaws and Regulations of the professional appraisal
<br />organiza!icros wit), which the Appraiser is affiliated -
<br />e. Neither all, nor any pan of the content of the report, or copy thereof (including conclusions as to the property value,
<br />the idenlity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with
<br />which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower
<br />if appraisal fee paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal
<br />organizations, any sate or federally approved financial institution, any depanment, agency, or instrumcno1hy of the United
<br />Sates or any suite or the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed
<br />by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and
<br />approval of the Appraiser.
<br />9. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are
<br />contingent upon completion of the improvements in a workmanlike manner.
<br />Date:...... tT ! / ./Y .. 1 . Appraise r(s) . - )!"r.. j!�' - - • - - • - - - ` ...................
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