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ASSUMPTIONS AND LIMITING CONDITIONS <br />The value conclusion and certification within this report are made expressly subject to the following <br />assumptions and limiting conditions as well as any further reservations or conditions stated within the text <br />of the report. <br />1) No responsibility is assumed for the legal description or for matters including legal or title <br />considerations. Title to the property is assumed to be good and marketable. <br />2) All existing liens and encumbrances, (except the existing leases if any) have been disregarded, <br />and the property is appraised as though free and clear. <br />3) Responsible ownership and competent property management are assumed. <br />4) The information furnished by others is believed to be reliable. However, no warranty is given for <br />its accuracy. <br />5) All engineering is assumed to be correct. The plot plans and illustrative material in this report <br />are included only to assist the reader in visualizing the property. <br />6) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or <br />structures that render it more or less valuable. No responsibility is assumed for such conditions <br />or for arranging for engineering studies that may be required to discover them. <br />7) It is assumed that there is full compliance with all applicable federal, state, and local <br />environmental regulations and laws unless non-compliance, is stated, defined, and considered in <br />the appraisal report. <br />8) It is assumed that all applicable zoning and use regulations and restrictions have been complied <br />with, except where non- conformity has been stated, defined, and considered in the appraisal <br />report. <br />9) It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or <br />administrative authority from any local, state, or national government or private entity or <br />organization have been or can be obtained or renewed for any use on which the value estimate <br />contained in this report is based. <br />10) It is assumed that the utilization of the land and improvements is within the boundaries of <br />property lines or the property described and that there is no encroachment or trespass unless noted <br />in this report. <br />11) Subsurface rights were not considered in making this appraisal. <br />43 <br />581 <br />