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: 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.