Professional Services Agreement - DLZ Indiana LLC - Bendix Drive Right of Way Acquisition

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Version 6-8-2017 d. The Review Appraiser shall examine the plans for this project and complete field inspections of the subject property and comparable properties contained in the appraisal report. e. The appraisal reviews shall be sufficiently documented to meet the minimum standards set out in the Indiana Department of Transportation's Appraisal Manual as approved by the Federal Highway Administration and shall be submitted on forms approved by the LPA and the Indiana Department of Transportation. The Review Appraiser shall follow accepted principles and techniques in completion of the appraisal review in accordance with applicable regulations. Any review appraisal that does not meet such requirements shall be further documented without additional compensation to the Review Appraiser. f. The Review Appraiser shall consider all pertinent value information that is available. g. The Review Appraiser shall document all estimates of just compensation. h. The Review Appraiser may at any time prior to settlement adjust his/her estimate of just compensation on the basis of additional value information. i. The Review Appraiser shall examine the appraisal reports for development of a determination as to whether the reports: (i) Are complete in accordance with the Indiana Department of Transportation's appraisal requirements. (ii) Follow accepted appraisal principles and techniques in the valuation of real property in accordance with existing state law. (iii) Contain or make reference to the information necessary to explain, substantiate, and thereby document the conclusions and estimates of value and/or just compensation contained therein. (iv) Include consideration of compensable items, damages and benefits, and exclude items considered non-compensable under state law. (v) Contain an identification or listing of the buildings, structures and other improvements on the land as well as the fixtures which the appraiser considered to be an impact to the market value of the real property to be acquired. (vi) Contain the estimate of just compensation for or resulting from the acquisition, and where appropriate, in the case of a partial acquisition, either in the report or in a separate statement, a reasonable allocation of the estimate of just compensation for the real property acquired and damages to remaining real property. j. Prior to finalizing his/her estimate of market value and just compensation, the Review Appraiser shall request and obtain corrections and/or revisions of the appraisal report in accordance with Indiana Department of Transportation's appraisal procedures. These shall be documented and retained in the parcel file. k. The Review Appraiser may supplement an appraisal report with correction of minor mathematical errors where such errors do not affect the final value conclusion. He/she may also supplement the appraisal file where the following factual data has been omitted: (i) Project and/or parcel number. (i i) Owner's and/or tenant's names. (iii) Parties to transaction, date of purchase and deed book reference on sale of subject property and comparables. (iv) Statement that there were no sales of subject property in the past five years. (v) Location, zoning, or present use of subject property or comparables. 1. The Review Appraiser shall initial and date his/her corrections and/or factual data supplements to an appraisal report. rn. The Review Appraiser shall place in the parcel file a signed and dated Certificate of Review Appraiser and Conclusion of Fair Market Value (Form REV 27): (i) The estimate of fair market value and just compensation including, where appropriate, the allocation of compensation for the real property acquired and for damages and/or special benefits to remaining real property, and an 21