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11) A legal description was not provided to the appraiser. The legal description in the report is
<br />assumed to be correct. We assume no responsibility for matters legal in character nor do we
<br />render any opinion as to the title, which is assumed to be good and marketable.
<br />12) It is assumed that there is full compliance with all applicable federal, state and local
<br />environmental regulations and laws, and that all zoning, building, and use regulations of all
<br />types have been complied with unless noncompliance is stated, defined and considered in the
<br />appraisal report. It is further assumed that all licenses, consents, permits, or legislative or
<br />administrative authority required by any local, state or federal and/or private entity or
<br />organization have been or can be obtained or renewed for any use considered in the value
<br />estimate.
<br />13) Possession of this report, or a copy thereof, does not carry with it the right of publication, nor
<br />may it be used for any other than its intended use by anyone other than the client without the
<br />prior written consent of the appraiser or the client, and then only in its entirety. No change of
<br />any item in this report shall be made by anyone other than the appraiser and/or officer of the
<br />firm. The appraiser and firm shall have responsibility if any such change is made.
<br />14) Any after-tax investment analysis and resulting measure of return on investment are intended
<br />to reflect only possible and general market considerations, whether used to estimate value or
<br />return on investment given a purchase price. Please note that the appraiser does not claim
<br />expertise in tax matters and advises client to seek competent tax advice.
<br />15) The liability of the appraiser and the firm is limited to the client only and to the fee actually
<br />received by appraiser. Further, there is no accountability, obligation, or liability to any third
<br />party other than the client, the client shall make such party aware of all limiting conditions and
<br />assumptions of the assignment and related discussions. The appraiser is in no way to be
<br />responsible for any costs incurred to discover or correct any deficiencies of any type present in
<br />the property; physically, financially, and/or legally. In the case of limited partnerships or
<br />syndication offerings or stock offerings in property, client agrees that in case of a lawsuit
<br />(brought by lender, partner or part owner in any form of ownership, tenant or any other party),
<br />any and all awards, settlements of any type in such suit, regardless of outcome, client will hold
<br />appraiser completely harmless in any such action.
<br />16) Any projections, forecasts, etc. regarding future patterns of income and/or expenses,
<br />prices/values, etc., represent the analyst's best estimates of investor anticipations with respect
<br />to these items, based on information available at the date of appraisal or analysis. Such
<br />information includes forecasts/projections published by recognized sources such as economists,
<br />financial publications, investor surveys, etc. Economic trends can affect future behavior of
<br />income, expenses, values, etc. Changes in these items caused by future occurrences could result
<br />in values different from those established in this report. We cannot accept responsibility for
<br />economic variables in the future which could not have been known or anticipated at the date of
<br />the analysis (inflation rates, economic upswings or downturns, fiscal policy changes, etc.).
<br />17) The Americans with Disabilities Act (ADA) became effective January 26, 1992. 1 have not made a
<br />specific compliance survey and analysis of this property to determine whether or not it is in
<br />conformity with the various detailed requirements of the ADA. It is possible that a compliance
<br />survey of the property, together with a detailed analysis of the requirements of the ADA, could
<br />reveal that the property is not in compliance with one or more of the requirements of the Act. If
<br />so, this fact could have a negative effect upon the value of the property. Since I have no direct
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