23.B.
General Assumptions and Limiting Conditions
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Standards Rules (“S.R.”) 2-1 of the “Standards of Professional Appraisal Practice of the Appraisal Institute” requires the appraiser to “clearly and accurately disclose any extraordinary assumption or limiting condition that directly affects the appraisal and indicate its impact on value”. While intended to be complete, inclusive, and relevant to this analysis, the report is subject to additional assumptions and conditions as presented within the body of the report where stated.
The following items are essential to completely understand the analysis and conclusions presented in this report.
1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
3. Responsible ownership and competent property management are assumed as expected by the complexity of the defined subject property.
4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. The appraiser reserves the right to make adjustments to the analyses, opinions, and conclusions in this report, as may be required by consideration of additional or revised data that may become available.
5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property.
6. If more current and complete information relevant to the subject property becomes available, the appraiser reserves the right to review such information and adjust the analysis and conclusions.
7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them.
8. It is assumed that the property is in full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report.
9. It is assumed that the property conforms to all applicable zoning and use regulations and restrictions unless nonconformity has been identified, described, and considered in the appraisal report.
10. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.
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General Assumptions and Limiting Conditions
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11. It is assumed that the utilization of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report.
12. Unless otherwise stated in this report, the appraiser did not observe the existence of hazardous materials, which may or may not be present on the subject property. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, and other potentially hazardous materials may affect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The intended user is urged to retain an expert in this field, if desired.
13. Any allocation of the total value estimated in this report between the land and the improvements applies only under the stated program of utilization. The separate allocations for land and building must not be used in conjunction with any other appraisal and are invalid if so used.
14. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with properly written qualification and only in its entirety.
15. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made.
16. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser.
17. Improved Properties – The American with Disabilities Act (ADA) became effective January 26, 1992. I (we) have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I (we) have no direct evidence relating to this issue I (we) did not consider possible non-compliance with the requirements of ADA in estimating the value of the property.
18. Existing and proposed improvements and their subsequent value estimates in this report are subject to the improvements being completed in the manner represented to the appraiser(s) and described in the Improvement Description section of this report.
23.B.
General Assumptions and Limiting Conditions
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19. The legal descriptions, site sizes, dimensions, and/or other surveys provided to the appraiser, including County Tax Plats, are assumed to be accurate. Should a survey prove these characteristics inaccurate it may be necessary for the appraisal to be adjusted.
20. The forecasts, projections, or operation estimates contained herein are based upon current market conditions, anticipated short-term supply and demand facts, and a continued stable economy. These forecasts are, therefore, subject to change in the future.
21. It is assumed that all entitlements required for development of this property, if applicable, have been or can be obtained within a reasonable timeframe.
22. The appraiser undertaking this assignment warrants that he is competent in properly identifying the appraisal problem and has the necessary knowledge and experience to complete the assignment.
23. Maps, diagrams, and exhibits included in this report are for illustration only to serve as an aid to visualizing matters discussed within the report. These exhibits should not be considered as surveys or relied upon for any other purpose, nor should they be removed from, reproduced, or used apart from the report.
24. No opinion is expressed as to the value of subsurface oil, gas, or mineral rights or whether the property is subject to surface entry for the exploration or removal of such materials, except as is expressly stated.
25. The property, which is the subject of the appraisal, is within a geographic area prone to earthquakes and other seismic disturbances. Except as specifically indicated in the report, no seismic or geologic studies have been provided to the appraiser concerning the geologic and/or seismic condition of the subject properties. The appraiser assumes no responsibility for the possible effect on the subject properties of seismic activity and/or earthquakes.
26. No consideration has been given in this appraisal as to the value of the property located on the premises considered by the appraiser to be personal property (unless otherwise stated), or has the appraiser given consideration to the costs of moving or relocating such personal property; only the real property has been considered in this appraisal.
27. Copyright of this material belongs exclusively to Capital Realty Analysts, Inc. This copy is intended for private use as defined in the body of the report for the designated client only.
No person or entity is permitted to reproduce this material, in whole or in part, for distribution either free of charge or for “commercial purposes”, unless that person or entity has a signed license agreement with Capital Realty Analysts, Inc. Reproduction for commercial purposes is reproduction for the purposes of sale, rent, trade, or distribution, or posting it on the Internet or on electronic bulletin boards.
23.B.