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ASSUMPTIONS AND LIMITING CONDITIONS (continued)
<br />Neither all, nor any part, of the contents of this report shall be conveyed to the public through
<br />advertising, public relations, news, sales, or other media without the written consent or approval
<br />of the authors. This applies particularly to value conclusions and to the identity of the appraisers
<br />and the firm with which the appraisers are connected.
<br />This report must be used in its entirety. Reliance on any portion of the report independent of
<br />others may lead the reader to erroneous conclusions regarding the property values. No portion
<br />of the report stands alone without approval from the author.
<br />The valuation stated herein assumes professional management and operation of the buildings
<br />throughout the lifetime of the improvements, with an adequate maintenance and repair program.
<br />The liability of Palmer, Groth & Pietka, Inc., and employees is limited to the client only and only
<br />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 of
<br />anyone other than the client, the client shall make such party aware of all limiting conditions and
<br />assumptions of the assignment and related discussions. The appraisers are in no way responsible
<br />for any costs incuned to discover or conect any deficiency in the property. The appraisers
<br />assume that there are no hidden or unapparent conditions of the property, subsoil, or structures
<br />which would render it more or less valuable. In the case of limited partnerships or syndication
<br />offerings or stock offerings in real estate, the client agrees that in case of lawsuit (brought by
<br />lender, partner, or part owner in any form of ownership, tenant, or any other party), any and all
<br />awards, settlements, or cost, regardless of outcome; the client will hold Palmer, Groth & Pietka,
<br />Inc., completely harmless.
<br />The appraisers are 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 propeYties, has
<br />made no invesfigation or analysis as to the presence of such materials, and expressly disclaims any
<br />duty to note the presence of such materials. Therefore, irrespective of any degree of fault,
<br />Palmer, Groth & Pietka, Inc., and its partners, agents, and employees, shall not be liable for
<br />costs, expenses, damages, assessments, or penalties, or diminution in value, property damage, or
<br />personal injury (including death) resulting from or otherwise attributable to toxic or hazardous
<br />substances or materials, including without limitation hazardous waste, asbestos material,
<br />formaldehyde, or any smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids, solids,
<br />or gasses, waste materials or other irritants, contaminants, or pollutants.
<br />The appraisers assume no responsibility for determining if the subject property complies with the
<br />Americans with Disabilities Act (ADA), which prescribes specific building standards which may
<br />be applied differendy to different buildings, depending on such factors as building age, historical
<br />significance, amenability to improvement, and costs of renovation. Palmer, Groth & Pietka, Inc.,
<br />its partners, agents, and employees, shall not be liable for any costs, expenses, assessments,
<br />penalties, or diminution in value resulting from non-compliance. Except as otherwise noted
<br />C98052 p~,~R, GROTIi & PIETKA, INC. 3
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