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ASSUMPTIONS 8~ LIMITING CONDITIONS
<br />We assume no responsibility for matters legal in character, nor do we render any opinion as
<br />to title, which is assumed to be marketable. All existing liens, encumbrances, and
<br />assessments have been disregarded, unless otherwise noted, and the properfy is appraised
<br />as though free and clear, under responsible ownership, and competent management.
<br />The exhibits in this report are included to assist the reader in visualizing the properfy. I have
<br />made no survey of the properfy and assume no responsibility in connection with such
<br />matters.
<br />Unless otherwise noted herein, it is assumed that there are no encroachments, zoning, or
<br />restrictive violations existing in the subject property.
<br />The appraiser assumes no responsibility for determining if the properfy requires
<br />environmental approval by the appropriate governing agencies, nor if it is in violation
<br />thereof, unless otherwise noted herein.
<br />Information, estimates, and opinions contained in this report are obtained from sources
<br />considered reliable; however, no liability for them can be assumed by the appraiser.
<br />The appraiser may not be required to give testimony or to appear in courf by reason of this
<br />appraisal, with reference to the property in question, unless prior arrangements have been
<br />made therefore.
<br />The statements of value and all conclusions shall apply as of the date of this report as stated
<br />seen on the letter of transmittal.
<br />The appraisers have no present or contemplated future interest in the property, which is not
<br />specifically disclosed in this report.
<br />This report must be used in its entirety. Reliance on any portion of the report independent
<br />of others, may lead the reader to erroneous conclusions regarding the properfy values. No
<br />portion of the report stands alone without approval from the author.
<br />The liability of Palmer, Groth 8~ Pietka, Inc., and employees is limited to the client only and
<br />only up to the amount of the fee actually received for the assignment. Further, there is no
<br />accountability, obligation, or liability to any third party. If this report is placed in the hands
<br />of anyone other than the client, the client shall make such party aware of all limiting
<br />conditions and assumptions of the assignment and related discussions. The appraiser is in
<br />no way responsible for any costs incurred to discover or correct any deficiency in the
<br />properfy. The appraiser assumes there are no hidden or unapparent conditions of the
<br />property, subsoil, or structures which would render it more or less valuable. In the case of
<br />limited partnerships or syndication offerings or stock offerings in real estate, the client agrees
<br />that in case of lawsuit (brought by lender, partner, or parf owner in any form of ownership,
<br />tenant, or any other parfy), any and all awards, settlements, or cost, regardless of outcome;
<br />the client will hold Palmer, Groth, and Pietka, Inc., completely harmless.
<br />The appraiser is not qualified to detect the presence of toxic or hazardous substances or
<br />materials which may influence or be associated with the property or any adjacent
<br />properties, has made no investigation or analysis as to the presence of such materials, and
<br />expressly disclaims any duty to note the degree of fault. Palmer, Groth, 8~ Pietka, Inc., and
<br />P99239 PALMER, GROTH 8~ PIETKA, INC. 4
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