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contamination-related issues, our value conclusions could change substantially. <br /> Specifically, the costs of remediating any environmental contamination would most likely <br /> be subtracted from the value conclusion. <br /> • Our 'as-complete' and 'as-stabilized' values are subject to the assumption that the <br /> required renovations would be completed to the specifications and within the timeline <br /> we have outlined in our appraisal. Furthermore, we also assume that market conditions <br /> will remain as anticipated during the construction and lease up period. Should anything <br /> turn out to be different than what we have outlined in this report, then our value <br /> conclusions could change substantially. <br /> Hypothetical Conditions <br /> A hypothetical condition is defined by the USPAP as "that which is contrary to what exists but is <br /> supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to <br /> known facts about physical, legal, or economic characteristics of the subject property; or about <br /> conditions external to the property, such as market conditions or trends; or about the integrity <br /> of data used in an analysis." <br /> • While the purchase negotiations between the City of Ramsey and the current property <br /> owner are not part of condemnation proceedings, we believe that the acquisition does <br /> appear to qualify for the 'Scope of the Project Rule' as part of the Uniform Appraisal <br /> Standards for Federal Land Acquisitions. Specifically, there is a public purpose requiring <br /> the acquisition of the land, the particular lands required for the public purpose have been <br /> clearly identified,and the acquisition of the particular lands is evident to the public. Based <br /> on our market research and market participant interviews, the market is well aware of <br /> the US Highway 10 transportation system improvement plans, and we have observed <br /> specific market evidence measuring the impact. For the purposes of this appraisal, we <br /> have employed the 'Scope of the Project Rule' and our analysis is therefore subject to the <br /> Hypothetical Condition that the looming highway improvement project has not impacted <br /> market values for the particular properties affected. Should it be determined that the <br /> 'Scope of the Project Rule' does not apply, then we reserve the right to revise our analysis <br /> and conclusions. <br /> 109 <br />