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DEHNi'rioN OF \1: \RKFT \ \IXE: The :no +t pose which a pmpcn) should hr:n, in a compethi�c and r,cn 5
<br />markc; under all condemns rc.lui +rte to a f.ur +,dc, the bu�cr and +cllcr. each acting prudently, knowlcdr.Cahly and assurticg
<br />th,- price is not arrested h) undue aionuiu >. Int; I:cu in th:, dcGnnion is the comwnmation of a sale a+ ,d a s; ccificd date
<br />and the passing c +t title fr• +m +01cr to bu%cr under conduion+ uherchy: (1) huycr and seller are t)'pieally nxnivatcd; ('_) both
<br />panics arc well informed or urll advised, and each acting in what he considers his own best interest: (:) a reasonable time
<br />is allowed for exposure in the open tnarkcl; Id) payment is madc in terms of cash in U.S. dollars or in terms of financial
<br />arrangements comparable thereto: and (5) the price represents the normal consideration for the property sold unaffected by
<br />special or creative financing or sales concessions' granted by anyone associated with the sale.
<br />'Adjusttncnts In the comparahlcs must be madc for special or creative financing or sales concessions. No adjustittcnis 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 costs in vinually all sales transactions. Special or creative financing adjustments
<br />can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that
<br />is not already involved in the prnpcny 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 conecssions based on the appraiser's judgment.
<br />CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS
<br />CERTIFICATION: The Appraiser cenifics 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 property.
<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 "Estimate of Niarket Value" in the appraisal report is not based in whole or in pan upon the race, color,
<br />or national origin of the prt,spective owner% or occupants of the property appraised, or upon the race, color or national origin
<br />of the present owners or occupants of the properties in the vicinity of the property appraised.
<br />3. The Aon^t : ::c., nos personally inspected the property. both inside and out, and has made an exterior inspection of all
<br />c n1!Pa =bic sales listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in
<br />this report are true and correct. and the Appraiser has not knrnt•ingly 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 contained in the report),
<br />5. This appraisal report has been madc in conformity with and is subject to the requirements of the Code of Professional
<br />Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated.
<br />6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the
<br />Appraiser whose signature appears on the appraisal report. unless indicated as "Review Appraiser:' No change of any item in
<br />the appraisal report shall be madc by anyone other than the Appraiser. and the Appraiser shall have no responsibility for any
<br />such unauthorized chance.
<br />CONTINCENT 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 matters of a legal nature affecting the property appraised or the title there-
<br />in, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is
<br />appraised as though under responsible ownership.
<br />2. Any sketch in the repon may show approximate dimensions and is included to assist the reader in visualizing the prop -
<br />crty, 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 property in question, unless arrangements have been previously madc therefor.
<br />4. Any distribution of the valuation in the report 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 />..,.=lid if sal rased.
<br />5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil. or structures, which
<br />would render it more or Icss 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 M• the Appraiser.
<br />7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal
<br />orFanittati n& with which the Appraiser is affiliated.
<br />S. Neither all. nor any pan of the content of the repnn, or copy thereof (including conclusions as to the property value,
<br />the identity 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 saute, the mongagce or its successors and assigns, mortgage insurers, consultants. professional appraisal
<br />organizations, any state or federally approved financial institution, any department, agency, or instrumentality of the United
<br />States or any state 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 imp.ovcments in a workmanlike manner.
<br />Date:......... O. �.. Appr :u.crt•) ...
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