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20 <br /> <br />Limiting Conditions and Assumptions <br />Acceptance of and/or use of this report constitutes acceptance of the following limiting <br />conditions and assumptions; these can only be modified by written documents executed by <br />both parties. <br /> The basic limitation of this and any appraisal is that the appraisal is an opinion of value, and is, therefore, <br />not a guarantee that the property would sell at exactly the appraised value. The market price may differ from <br />the market value, depending upon the motivation and knowledge of the buyer and/or seller, and may, <br />therefore, be higher or lower than the market value. The market value, as defined herein, is an opinion of the <br />probable price that is obtainable in a market free of abnormal influences. <br /> I do not assume any responsibility for the legal description provided or for matters pertaining to legal or title <br />considerations. I assume that the title to the property is good and marketable unless otherwise stated. <br /> I am appraising the property as though free and clear of any and all liens or encumbrances unless otherwise <br />stated. <br /> I assume that the property is under responsible ownership and competent property management. <br /> I believe the information furnished by others is reliable, but I give no warranty for its accuracy. <br /> I have made no survey or engineering study of the property and assume no responsibility for such matters. <br />All engineering studies prepared by others are assumed to be correct. The plot plans, surveys, sketches and <br />any other illustrative material in this report are included only to help the reader visualize the property. The <br />illustrative material should not be considered to be scaled accurately for size. <br /> I assume that there are no hidden or unapparent conditions of the property, subsoil, or structures that render <br />it more or less valuable. I take no responsibility for such conditions or for obtaining the engineering studies <br />that may be required to discover them. <br /> I assume that the property is in full compliance with all applicable federal, state, and local laws, including <br />environmental regulations, unless the lack of compliance is stated, described, and considered in this <br />appraisal report. <br /> I assume that the property conforms to all applicable zoning and use regulations and restrictions unless <br />nonconformity has been identified, described and considered in this appraisal report. <br /> I assume that all required licenses, certificates of occupancy, consents, and other legislative or administrative <br />authority from any local, state, or national government or private entity or organization have been or can be <br />obtained or renewed for any use on which the value estimate contained in this report is based. <br /> I assume that the use of the land and improvements is confined within the boundaries or property lines of the <br />property described and that there is no encroachment or trespass unless noted in this report. <br /> I am not qualified to detect the presence of floodplain or wetlands. Any information presented in this report <br />related to these characteristics is for this analysis only. The presence of floodplain or wetlands may affect the <br />value of the property. If the presence of floodplain or wetlands is suspected the property owner would be <br />advised to seek professional engineering assistance. <br /> For this appraisal, I assume that no hazardous substances or conditions are present in or on the property. <br />Such substances or conditions could include but are not limited to asbestos, urea-formaldehyde foam <br />insulation, polychlorinated biphenyls (PCBs), petroleum leakage or underground storage tanks, <br />electromagnetic fields, or agricultural chemicals. I have no knowledge of any such materials or conditions <br />unless otherwise stated. I make no claim of technical knowledge with regard to testing for or identifying such <br />hazardous materials or conditions. The presence of such materials, substances or conditions could affect the <br />value of the property. However, the values estimated in this report are predicated on the assumption that <br />there are no such materials or conditions in, on or in close enough proximity to the property to cause a loss in <br />value. The client is urged to retain an expert in this field, if desired. <br /> Unless otherwise stated in this report the subject property is appraised without a specific compliance survey <br />having been conducted to determine if the property is or is not in conformance with the requirements of the <br /> 141