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· ~3/22/1991 02:41 <br /> <br />612-824-2107 <br /> <br />HERMAN APPRAISALS <br /> <br />PAGE 04 <br /> <br />Mr. Ryan SOhroeder <br />Page 4 <br />October 2, 1995 <br /> <br />The ~tppraiser has no knowledge of the existence of hazardous or potentially <br />hazardous materials, on. in, or affecting the subject properties. The <br />prestnce of any hazardous materials may negatively affect the value of the <br />subj~t. This value estimate is predicated on the assumption that there is no <br />hazardous material, on, in or potentially affecting the subject properties, that <br />would cause a loss in value. <br /> <br /> · I have not made a personal inspection of the subject properties. An <br /> inspection of the properties may reveal unknown circumstances or <br /> cond~itions that could result in changes to the valuation estimates of the <br /> subj,'ct properties. This is a condition of this restricted valuation opinion. <br /> <br />It has been a pleasure being of service on this assignment. Please contact my f'u'm if you <br />have questions or comments after reading this restricted appraisal report. <br /> <br />Very truly yours, <br /> <br />HERMAN APPRAISAL SERVICES <br /> <br />Ellen B. Herman, MAI <br /> <br />MN Certified General License <br />$$40014647 <br /> <br /> <br />