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DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open 49
<br />market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
<br />the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date
<br />and the passing of title from seller.to buyer under conditions whereby: (1) buver and seller are typically motivated. (2) both
<br />parties are 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 market; (4) payment is made in terms of trash 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 anvone associated with the sale.
<br />*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
<br />necessary for those costs which are 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 virtually 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 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 property.
<br />2. The Appraiser has no personal interest in or bias with respect to the subject maner of the appraisal report or the partici-
<br />pants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color,
<br />or national origin of the prospective owners 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 Appraiser has personally inspected the property, both inside and out. and has made an exterior inspection of all
<br />comparable 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 knowingly withheld anv 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 made 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 am• item in
<br />the 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 are set forth by the Appraiser in the report.
<br />L The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title there-
<br />to, 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 report may show approximate dimensions and is included to assist the reader in visualizing the prop-
<br />erty. 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 made 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 />invalid if so used.
<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 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 report is governed by the Bylaws and Regulations of the professional appraisal
<br />organizations with which the Appraiser is affiliated -
<br />8. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property value,
<br />the identity of the Appraiser, professional designations, rekrence 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 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 improvements in a workmanlike manner.
<br />Date: ../211'/ /......... Appralscrts) .
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<br />F_ 498 JUL e! HPMa6 785 Fp 5 8W WpF1a WWOM� y 315 Wtir.rev -. NC- Ma— CT 05511 1 =00 263 -AS15 Item # 1 15800 F,. , 10046 JUL 56
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