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<br />11) Any lease, agreements or other written or verbal representations <br />and/or communications and information received by the appraiser(s) <br />have been reasonably relied upon in good faith but have not been <br />analyzed for their legal implications. We urge and caution the user of <br />this report to obtain legal counsel of his/her own choice to review the <br />legal and factual matters, and to verify and analyze the underlying v <br />facts and merits of any investment decision in a reasonably prudent <br />manner. <br /> <br />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 <br />its maximum permitted use or would render it more or less valuable. <br />No responsibility is assumed for engineering which might be required <br />to discover such factors. <br /> <br />13) The projections of income, expenses, terminal values or future sales p <br />prices are not predictions of the future, rather, they are the best' <br />estimate of current market thinking of what the future trends will be <br />will b be. No warranty or representations is made that these <br />projections will materialize. The real estate market is constantly <br />changing. It is not the task of the appraiser to estimate the <br />conditions of future real estate market, but rather to reflect what <br />the investment community envisions for the future, and upon what <br />assumptions the future investment decisions are based. <br /> <br />14) The Americans with Disabilities Act (ADA) became effective January <br />26, 1992. We have NOT made a specific compliance survey and <br />analysis of this property to determine whether or not it is in conformity <br />with the ADA. It is possible that a detailed survey of the subject <br />property would reveal that the subject property is not in compliance <br />with the ADA. <br />