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9. On all appraisals, subject to satisfactory completion, repairs,or alterations, the appraisal <br /> report and value conclusions are contingent upon completion of the improvements in a workman <br /> like manor. <br /> 10. In this appraisal assignment,the existence of potentially hazardous material used in the <br /> construction or maintenance of the building, such as the presence of urea formaldehyde foam <br /> insulation, and/or existence of toxic waste, which may or may not be present on the property,has <br /> not been considered. The appraiser is not qualified to detect such substances. It is urged that the <br /> client retain an expert in this field if desired. <br /> 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 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 types <br /> have been complied with unless non-compliance 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, <br /> nor may it be used for 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 with the proper identification <br /> and qualification and only in its entirety. No change of any item in the report shall be made by <br /> anyone other than the Appraiser and/or officer in the firm. The Appraiser and firm shall have no <br /> responsibility if any such change is made. <br /> 14. Any after-tax investment analysis and resulting measures of return on investment are <br /> intended to reflect only possible and general market considerations,whether used to estimate <br /> value or return 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 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. If this report is placed in the hands of anyone other than the client,the Client shall make <br /> such party aware of all limiting condition and assumptions of the assignment and related <br /> decisions. The Appraiser is in no way to be responsible for any costs incurred to discover or <br /> correct any deficiencies of any type present in the property;physically,financially, and/or <br /> legally. In the case of limited partnerships or syndication offerings or stock offerings in the <br /> property, Client agrees that in case of lawsuit(brought by lender,partner, or part owner in any <br /> form of ownership,tenant, or any other party) , any and all awards, settlements of any type in <br /> such suit,regardless of outcome, Client will hold appraiser completely harmless in any such <br /> action. <br /> 40 <br />