Client:

Client File #:Subject Property:

Appraisal File #:STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONSThis appraisal is subject to the following assumptions and limiting conditions:• This report is prepared using forms developed and copyrighted by the Appraisal Institute. However, the content, analyses, andopinions set forth in this report are the sole product of the appraiser. The Appraisal Institute is not liable for any of the content,analyses, or opinions set forth herein.
• No responsibility is assumed for matters legal in character or nature. No opinion is rendered as to title, which is assumed to begood and marketable. All existing liens, encumbrances, and assessments have been disregarded, unless otherwise noted, andthe property is appraised as though free and clear, having responsible ownership and competent management.
• I have examined the property described herein exclusively for the purposes of identification and description of the real property.
The objective of our data collection is to develop an opinion of the highest and best use of the subject property and makemeaningful comparisons in the valuation of the property. The appraiser’s observations and reporting of the subject
improvements are for the appraisal process and valuation purposes only and should not be considered as a warranty of any
component of the property. This appraisal assumes (unless otherwise specifically stated) that the subject is structurally soundand all components are in working condition.
• I will not be required to give testimony or appear in court because of having made an appraisal of the property in question,
unless specific arrangements to do so have been made in advance, or as otherwise required by law.
• I have noted in this appraisal report any significant adverse conditions (such as needed repairs, depreciation, the presence ofhazardous wastes, toxic substances, etc.) discovered during the data collection process in performing the appraisal. Unlessotherwise stated in this appraisal report, I have no knowledge of any hidden or unapparent physical deficiencies or adverseconditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxicsubstances, adverse environmental conditions, etc.) that would make the property less valuable, and have assumed that there
are no such conditions and make no guarantees or warranties, express or implied. I will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because I am not an expert in the field of environmental hazards, this appraisal report must not be considered as anenvironmental assessment of the property. I obtained the information, estimates, and opinions furnished by other parties andexpressed in this appraisal report from reliable public and/or private sources that I believe to be true and correct.
• I will not disclose the contents of this appraisal report except as provided for in the Uniform Standards of Professional Appraisal
Practice, and/or applicable federal, state or local laws.
• The Client is the party or parties who engage an appraiser (by employment or contract) in a specific assignment. A party
receiving a copy of this report from the client does not, as a consequence, become a party to the appraiser-client relationship.
Any person who receives a copy of this appraisal report as a consequence of disclosure requirements that apply to an
appraiser’s client, does not become an intended user of this report unless the client specifically identified them at the time of theassignment. The appraisers written consent and approval must be obtained before this appraisal report can be conveyed byanyone to the public through advertising, public relations, news, sales, or other media.
• A true and complete copy of this report contains ____ pages including exhibits which are considered an integral part of thereport. The appraisal report may not be properly understood without access to the entire report.
• If this valuation conclusion is subject to satisfactory completion, repairs, or alterations, it is assumed that the improvements will
be completed competently and without significant deviation.

VALUE DEFINITION
Market Value Definition (below)

Alternate Value Definition (attached)

MARKET VALUE is defined as the most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is notaffected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title
from seller to buyer under conditions whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised and acting in what they consider their own best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale.
Source: Appraisal Institute Dictionary of Real Estate Appraisal
AI ReportsTM Form A1-100.01 Summary Appraisal Report • Residential© Appraisal Institute 2006

6/26/06