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12) No soil or subsoil data or analysis based on engineering core borings or <br />other tests were furnished to us. We have assumed that there are no <br />subsoil defects present that would impair development of the land to its <br />maximum permitted use or would render it more or less valuable. No <br />responsibility is assumed for engineering which might be required to <br />discover such factors. <br />13) The projections of income, expenses, terminal values or future sales prices <br />are not predictions of the future, rather, they are the best estimate of <br />current market thinking of what the future trends will be. No warranty or <br />representations is made that these projections will materialize. The real <br />estate market is constantly changing. It is not the task of the appraiser <br />to estimate the conditions of a future real estate market, but rather to <br />reflect what the investment community envisions for the f future, and <br />upon what assumptions the future investment decisions are based. <br />14) The Americans with Disabilities Act (ADA) became effective January 26, <br />1992. We have NOT made a specific compliance survey and analysis of <br />this property to determine whether or not it is in conformity with the ADA. <br />It is possible that a detailed survey of the subject property would reveal <br />that the subject property is not in compliance with the ADA. <br />Special Report Conditions, Appraiser’s Liability & Limitations and Client <br />Agreements. <br />The acceptance of this report and is use by the Client in any manner whatsoever or for any <br />purpose is acknowledgement by the client that the designated recipient, participant or assignee <br />has personally read the report and specifically agrees that the data herein is accurate to the best of <br />the appraiser’s ability. This report remains the personal property of the signer and may not be <br />transmitted or relied on by any third party without the signer’s written permission. It is agreed <br />that the appraiser’s responsibility does not extend to any third party under any circumstances <br />whatsoever. As an amendment to the Appraiser/Client agreement, the Client agrees to read the <br />appraisal and agrees to notify the Appraisal firm of any objections, errors, omissions or invalid <br />data herein within 15 days of receipt of this report and return all copies of report to appraiser for <br />correction prior to use whatsoever. Under no circumstances shall the Company’s or any <br />Appraiser’s liability exceed the fee actually collected for this report and then only in case of a <br />gross error(s) which would have materially affected the appraisal’s value indication as of the date <br />of the valuation. By acceptance of this report by the client, the client acknowledges the foregoing <br />statements and also acknowledges that a value opinion is the product of company which produces <br />an opinion not a provable fact. As a personal opinion, valuations may vary between Appraisers <br />based on the same facts. The client agrees that the signer(s) of this appraisal have done so solely <br />as officer’s of the company and not individually. <br />12 <br /> <br />