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<br />SUMMARY APPRAISAL REPORT <br /> <br />23 <br /> <br />.J <br /> <br />Any proposed construction of rehabilitation referred to in the Appraisal is assumed to be <br />completed within a reasonable time and in a workmanlike manner according to or exceeding <br />currently accepted standards of design and methods of construction. <br /> <br />Any inaccessible portions of the Property or improvements not inspected are assumed to be <br />as reported or similar to the areas that are inspected. <br /> <br />Unless oth~rwise stated, no effort has been made to determine the possible effect, if any, on <br />the subject property of energy shortage or future federal, state or local legislation, including <br />any envrrolilllental or ecological matters or interpretations thereof <br /> <br />We take no responsibility for any events, conditions or circumstances affecting the subject <br />property or its value, that take place subsequent to either the effective date of value cited in <br />the Appraisal or the date of our field site visit, whichever occurs first. <br /> <br />The valuation applies only to the property described and for the purpose so stated and should <br />not be llsed for any other purpose. Any allocation of total priCe between land and the <br />improvements as shown is invalidated if used separately at in c()nj~mction with any other <br />report. <br /> <br />Neither the report nor any portions thereof (especially any opinion(s) of value, the identity of <br />the appraisers or 'DIE BILICEK COMPANY, or any reference to the Appraisal Institute or other <br />recogruzed appraisal organization or the designations they comer) shall be disseminated to the <br />public through public relatiohs media,news media, advertising media, sales media or any other <br />public means of communication without the prior written consent and approval of the <br />appraisers and 'DIE BILICEK COMPANY. The date(s) of the valuation to which the value <br />estimate conclusions apply is set forth in the letter of transmittal and within the body of the <br />report. The value is based on the purchasing power of the United States dollar as of that date. <br /> <br />The client agrees to indemnify 1HE BILICEK COMPANY and its respective partners} principals, <br />and employees (1HE BILICEK COMPANY and each such person being an "Indemnified Partyll) <br />from and against any and aJllosses, claims, damages and liabilities, joint or several, to which <br />such Indemnified Parties may be subject under any ?pplicable federal or st?-te law, related to, or <br />arising out ot: the subject appraisal and/or the engagement of THE BILlCEK COMPANY pursuant <br />to the appraisal assigmrient and will reimburse any Indemnified Party for all reasonaple <br />expenses (including coun$el fees and expenses) as they are incurred in connection with the <br />investigation of, preparation for, or defense o~ any pending or threaten.ed claim or action pr <br />proceeding arising there from, whether or not such IndeIUnified Party is a party. The client will <br />not be liable under th~ foregoing indemnification provisions to the extent that any ioss, claim, <br />damage, liability or expense is found in a fmal judgment by a court of competent jurisdiction to <br />bave resulted primarily fro~ the bad faith, gross negligence or recklessn.ess of an Iridemnif1ed <br />Party . <br /> <br />The BiUcek Company <br />