RockSpringCluB-Hendricks Appraisal.pdf

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.