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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 <br /> text 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 <br /> for 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 <br /> conditions 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 <br /> in the appraisal report. <br /> 8) It is assumed that all applicable zoning and use regulations and restrictions have been <br /> complied with, except where non-conformity has been stated, defined, and considered in the <br /> appraisal report. <br /> 9) It is assumed that all required licenses,certificates of occupancy,consents,or other legislative <br /> or 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 <br /> noted in this report. <br /> 26 <br />