RockSpringCluB-Hendricks Appraisal.pdf

verage fanily size 3.28 oo Other Asian 1/ 221 0.5] Native Hawaiian and Other Pacific Islander 10 0. 0/ HOUSING OCCUPANCY Native Hawaiian 3 0.0] Totat housing units 17,612 100.0 Guamanian or Chamorro 2 0.0|Cccupied housing units 16,790 95.3 Samoan 1 Q.0lvacant housing units a22 4.7 Other Pacific Islander 2/ 4 .0| For seasonal, recreational or Some other race 2,227 4.8] accasional use 107 0.6 Two or more races 1,426 3.1|Homeownez vacancy rate (6) 1.6 od IRental vacancy rate (#} 5.6 &) Race alone or in combination with one or | more other races: 3/ |HOUSING TENURE White 27,436 59.41 Occupied housing units 16,790 100.0 Black or African Anerican 13,007 28.1 Owner-occupied housing units 11,698 69.7 American Indian and Alaska Native 378 0.8|Renter-occupied housing units 5,092 30.3 Asian 4,42 @.9lAverage household size Uative Hawaiian and Other Pacific Islander a 0.2] of ewner-occupied units 2.86 (x) Some other race 2,732 5.9] of renter-occupied units 2.33 (x) (%) Kot applicable i/ Other Asian alone, or two or more Asian categories 2/ Other Pacific Islander alene, or two or more Native Hawaiian and Other Pacific Islander categories 3/ In cosbination with one or more of the other races listed. The following six numbers may add to more than the total Population because individuals may report more than one race Source: US Bureau of the Census, 2010 Census of Population and Housing Prepared by the New Jersey Department of Labor and Workforce Development, Division of Labor Market & Demographic Research, May 2011

CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Unless specifically stated, this appraisal, review, analysis or consulting assignment has been prepared subject to the following Contingent Assumptions and Limiting Conditions: 1. The legal description is assumed to be correct. Any sketch accompanying this report is included for illustrative purposes only and shall not be construed as a survey. No responsibility is implied or assumed for matters which are legal in character. No opinion is being rendered, or conveyed as to the title to the property and any reference to such is based on current public record. Title is assumed to be valid and marketable, and that there are no unknown judgments, liens or other litigation which would cloud title to the property or otherwise affect the Market Value. 2. Ina Market Value appraisal assignment, the property being appraised is valued as a whole, in fee simple ownership, unencumbered with easements, liens mortgages, or restrictions. It is also valued under the specific assumption that it is under responsible ownership and competent management. 3. The distribution of the total estimate of value between land and improvements shall not be employed in connection with any other use to which the property may be utilized and will render the estimate invalid if so applied. This report is based on the specific assumption that it shall be utilized in its entirety and shall not be segmented or taken out of context. 4. Allestimates, information, market data, property information, and other computations supplied by others has been recognized and deemed to be reasonable and correct, but are not guaranteed and have not been independently verified or authenticated. 5. A Market Value appraisal is a subjective analysis based on our interpretation of facts and other data compiled in connection with the assignment. As such, the valuation estimate represents our opinion as to the Market Value of the property as of the date specified. We make no representation as to events which may occur subsequent to the effective valuation date. We have not considered any potential changes in the federal, state or local laws, regulations, codes or requirements in connection with this assignment. §. Unless specifically noted, this report has not considered nor recognized any costs which may be incurred due to potentially adverse environmental

r requirements in connection with this assignment. §. Unless specifically noted, this report has not considered nor recognized any costs which may be incurred due to potentially adverse environmental conditions which may be present. The foregoing inciudes but is not limited to sampling, testing, monitoring or remediation. Unless specifically noted, we have not been provided with any information relating to the possible existence of adverse environmental problems or conditions with this property. In the event a subsequent investigation reveals the existence of such conditions, the appraisers reserve the right to revise or rescind any valuation estimates reported herein.

CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Unless specifically stated, this appraisal, review, analysis or consulting assignment has been prepared subject to the following Contingent Assumptions and Limiting Conditions: 10. 11. 12. In addition to the principal appraiser, certain research and investigative data contained in this appraisal report or utilized in its development may have been performed by an appraisal associate or staff member of the Hendricks Appraisal Company, LLC. This individual has also participated in all aspects of the assignment, including the valuation and analysis upon which this document is based. This individual shall have been recognized and noted in the accompanying report. Their qualifications have been retained in our files and are available for inspection upon written request. Neither all nor any part of the contents of this report shall be disclosed or conveyed to the public or private entities through advertising media, public relations, newsprint media, on-line media (including email, etc), or any and all other means of public dissemination without the prior written consent of the individual appraiser and the principals of the Hendricks Appraisal Company, LLC. The appraiser is not required or obligated to give testimony or to be in attendance in court or any judicial or quasi-judicial hearing or conference with reference to the subject property without prior written contractual agreement or arrangement thereto. Unless specifically noted, the appraisal has not considered conditions relating to surface or subsurface waters; including but not limited to the water table, flood plain, flood hazard, wetlands or transitional-buffers areas. In addition, any riparian rights, riparian lands and drainage, which currently or in the future may be the subject of a claim by the State of New Jersey or the United States of America. No opinion is conveyed or expressed as to the value of any subsurface oil, gas or mineral rights and the appraisers have assumed that no agreement for the extraction or exploration of such resources on the property exist. Unless otherwise stated in this report or document, we have not been requested nor have we conducted any investigation into the possible existence of toxic or potentially hazardous material used in the construction, operation, maintenance or expansion of any improvements on or

d nor have we conducted any investigation into the possible existence of toxic or potentially hazardous material used in the construction, operation, maintenance or expansion of any improvements on or beneath the property. In addition, we have not performed an investigation or research into the possible existence of environmentally adverse materials, contaminants or other agents which may have been stored on, in, or within the immediate vicinity of the property. The appraisers have noted that they are not qualified to render an opinion regarding such matters and advise the client to secure the services of a licensed and qualified environmental expert and or firm to provide this type of information. Any valuation contained in this report is based on the specific assumption that the property is unencumbered with adverse environmental problems or conditions.

CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Unless specifically stated, this appraisal, review, analysis or consulting assignment has been prepared subject to the following Contingent Assumptions and Limiting Conditions: 13. 14. 15. 16. On January 26, 1992 the Americans with Disabilities Act (ADA) became effective. Unless specifically noted, we have made not conducted a compliance survey or analysis of the improvements to determine if they are in conformance with the requirements of the ADA. The appraisers are not qualified to render an opinion as to such matters and recommend that the client retain the services of a licensed and qualified architect or engineer to perform a compliance survey and cost to cure estimate. The client is advised that should deficiencies be found as it relates to ADA compliance issues, that the Market value estimate reported herein may be negatively affected. Nonetheless, in the absence of any information to the contrary, this report is based on the assumption that the property is in complete and full compliance with the requirements of the ADA. This report may incorporate several assumptions, conditions or estimates relating to overall property performance, as well as local, state and national business and or economic climates which are deemed reasonable and appropriate as of the date of valuation. However, the client is advised that material changes in the local, state, or national economies as well as the property itself may result in one or more of these assumptions, conditions or estimates not being realized. In addition, unanticipated events may occur which will affect the property being appraised. The foregoing may also result in a material change in the valuation estimate contained herein or in the type of appraisal methodology employed in the report. Any forecasted income referred to in the appraisal may be based on lease or rental information provided by the owner, client or third parties. The appraiser may not have been supplied with the formal lease agreements, documented rental information or other income-expense information for the property and assumes no responsibility for the completeness of any information provided. The estimates of income and expense are not, and should not be construed as predictions for the future performance of the property. They represent the appraiser's best interpretation and

ion provided. The estimates of income and expense are not, and should not be construed as predictions for the future performance of the property. They represent the appraiser's best interpretation and estimates relating to current and historical market perceptions on income and expense. The appraiser makes no warranty or representation that any projections or forecasts of future income or expense for the property will actually materialize. The real estate market is in a constant state of change, and the appraiser can only reflect what the investment community perceives as of the date of valuation for the property, its location, and for the future in terms of income, expense, supply and demand.

CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Unless specifically stated, this appraisal, review, analysis or consulting assignment has been prepared subject to the following Contingent Assumptions and Limiting Conditions: 17. Unless otherwise noted, the improvements on the land described elsewhere in this report appear to be structurally sound and viable. However, this report- document assumes no responsibility for the condition of the improvements or any of its components. 18. The appraisers assume no responsibility for matters or considerations involving the expertise of individuals within other disciplines or fields. The foregoing includes reports, documents or information provided to the appraisers by others which may have been relied upon in connection with the development of this document. The foregoing includes but is not limited to matters relating to environmental conditions or problems; municipal zoning regulations or requirements which may impact or effect the property; potential changes in Zoning or building codes; engineering considerations including soil and sub-soil conditions or testing; development considerations and approvals; civil, electrical, mechanical, structural or any other engineering matters. The appraisers are not qualified to render opinions as to the validity of such expert reports, documents or information supplied. 19. The appraisers have not considered any personal property or items which may be located on the property in the valuation estimate. The foregoing also includes, but is not limited to consideration involving the cost of removing or relocating these non-realty items. Unless specifically noted, the valuation estimate contained herein is limited to the real property only. 20. Other limiting conditions and assumptions may have been noted and reflected elsewhere in this report. The aforementioned assumptions and limiting conditions are to be considered and recognized by the client in addition to those specified within the body of the report. 21. The client is advised that this opinion of value is effective only as of the date specified in this report, analysis, review or consulting assignment. In addition, changes since that date in economic and market factors, or changes within the property itself can and will significantly affect overall property values. 22. This report has been prepared at the request of the

ince that date in economic and market factors, or changes within the property itself can and will significantly affect overall property values. 22. This report has been prepared at the request of the client and for the specific purpose noted elsewhere in this document. It is not to be utilized or relied upon by any other individual or entity. Any unauthorized individual or entity utilizing this report, its conclusions or information, without written consent of the client and the appraiser do so at their own risk.

CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS Unless specifically stated, this appraisal, review, analysis or consulting assignment has been prepared subject to the following Contingent Assumptions and Limiting Conditions: 23. 24. 25. 26. 27. 28. Possession of this report or document, or copy thereof, does not convey a license or right of duplication. Any reproduction of this report or document without the written consent of the Hendricks Appraisal Company, LLC is prohibited. Unless otherwise noted or described, this report or document has been prepared under the assumption that the property is not situated within a designated flood zone where mandatory flood insurance is required. In addition, unless specifically noted, we have not been provided with any information relative to potential wetlands which may or may not be present. The appraisers are not qualified to identify property which may be encumbered with wetlands. The client is advised that the presence of wetlands or the location of the property within a designated flood zone may affect the value of the property. This report or document assumes that the property is not encumbered with wetlands and is not situated within a designated flood plain. This report or document is based on the specific assumption that the property is being used or developed in compliance with all applicable municipal, county, state and or federal building, health, safety, use and zoning codes. Furthermore, it assumes any noted deviations, restrictions or limitations have also been complied with. This report or document also assumes that all required licenses, permits, certificates and-or agreements issued by any municipal, county, state or federal agency have been obtained and or renewed as may be required. In the event the appraisers have not been provided with evidence of such licenses, permits, certificates and-or agreements, the client is advised to obtain such prior to any reliance on this report or document. If the subject of this assignment involves proposed construction, and this report or document is based on plans and specifications provided, we have assumed that the author(s) of such plans and specifications is competent, licensed and qualified and that the proposed improvements will be completed in a reasonable Period of time, employing good quality workmanship and materials. The appraisers have not