12-09-19 Regular Meeting of the La Porte City Council

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STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is subject to the following assumptions and limiting conditions: That the date of value to which the opinions expressed in this report apply is set forth on the first page of this report. The appraiser assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinions herein stated. That no opinions are intended to be expressed for legal matters or that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed in this report. That no opinion as to title is rendered. Name of ownership and the legal description were obtained from sources generally considered reliable. Title is assumed to be marketable and free and clear of all liens, encumbrances, easements, and restrictions except those specifically discussed in this report. The property is appraised assuming it to be under responsible ownership and competent management and available for its highest and best use. That no engineering survey has been made by the appraiser. Except as specifically stated, data relative to size and area were taken from sources considered reliable and no encroachment or real property improvement is assumed to exist. That maps, plats, and exhibits included herein are for illustration only, as an aid in visualizing matters discussed within this report. They should not be considered as surveys or relied upon for any other purpose. In the event that we appraise any improvements in this report, our inspection deals only with valuation issues. We are not engineers and are not qualified to assess structural integrity or the adequacy and condition of their mechanical, electrical, or plumbing components. This appraisal is not a property condition report and should not be relied upon to disclose any conditions present in the property, and it does not guarantee the property to be free of defects. We are not licensed inspectors and improvements or land as defined by any state or federal regulations for real estate inspections. That no detailed soil studies covering the subject property were available to the appraiser. Therefore, premises as to soil qualities employed in this report are not conclusive, but have been considered consistent with information available to the appraiser. The property is appraised as though free and clear, under responsible ownership, and competent management. All existing liens and encumbrances have been disregarded. Unless otherwise stated herein, all of the improvements previously described were considered operational and in good condition. Unless stated otherwise in this report, no presence of hazardous materials on or in the property was observed by the appraiser. The appraiser has no information on the existence of such materials and is not qualified to detect same. The presence of such materials on or in the property could affect the appraiser's opinion of market value. However, the value estimate stated herein is based on the assumption that no hazardous materials are present on or in the property, and the appraiser accepts no responsibility for determining such condition. The client is urged to retain an expert in this field if there is any question as to the existence of hazardous material. Any information furnished to us by others is believed to be reliable, but we assume no responsibility for its accuracy. Possession of this report, or a copy thereof, does not carry with it the right to publication, nor may it be used for any purpose, by any but the applicant, without the previous written consent of the appraiser or the applicant and, in any event, only in its entirety. This appraisal does not require us to give testimony in court or attend on its behalf unless arrangements have been previously made therefore. The distribution of the total valuation in this report between land and improvements applied only under the existing programs of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. The value is reported in dollars on the basis of the currency prevailing at the date of this appraisal. We have no present or contemplated interest in the property appraised. Our compensation for making this appraisal is in no manner contingent upon the value reported. That the appraiser assumes no responsibility for determining if the property lies within a flood hazard area and its consequences to the property. It is advised that a Topographic Survey be obtained and local officials be contacted. That our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as promulgated by the Appraisal Foundation and the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. The appraisal of the subject whole property considered all factors willing, knowledgeable buyers and sellers would consider in negotiating the purchase price of the property except the influence of the proposed project. The appraisal of the remainder property considered all factors willing knowledgeable buyers and sellers would consider in negotiating the purchase price of the property including the use to which the part taken is to be put and the effects of the condemnation but excluded the effects of all non-compensable elements. We have been provided ownership information for the subject property and a plat for the easements by the client. The size of the subject property and easements are based on information provided by the client. We assume no changes to the subject property have occurred between the most recent date of inspection and the effective date of value. There are no other limiting conditions contained in this report other than the ones listed above. Allen, Williford and Seale, Inc. Page 12