Agenda - Council - 04/11/2017 - Laserfiche WebLink

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• Except as may be otherwise stated in the letter of engagement,the Appraiser shall not be required to give testimony in any court or administrative proceeding relating to the Property or the Appraisal. • The Report assumes (a) responsible ownership and competent management of the Property; (b) there are no hidden or unapparent conditions of the Property, subsoil or structures that render the Property more or less valuable (no responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them); (c) full compliance with all applicable federal, state and local zoning and environmental regulations and laws, unless noncompliance is stated, defined and considered in the Report; and (d)all required licenses, certificates of occupancy and other governmental consents have been or can be obtained and renewed for any use on which the value opinion contained in the Report is based. • The physical condition of the improvements considered by the Report is based on visual observation by the Appraiser or other person identified in the Report. The Appraiser assumes no responsibility for the soundness of structural components orfor the condition of mechanical equipment, plumbing or electrical components. • In this appraisal, we received and relied upon various information provided by other parties including, but not limited to, property owners, property managers, brokers, realtors, appraisers, engineers, assessors, planning officials, etc. Should any of the information provided to us change in any way, then our value conclusions could also change substantially. • The forecasted potential gross income referred to in the Report may be based on lease summaries provided by the owner or third parties. The Report assumes no responsibility for the authenticity or completeness of lease information provided by others. The Appraiser recommends that legal advice be obtained regarding the interpretation of lease provisions and the contractual rights of parties. • The forecasts of income and expenses are not predictions of the future. Rather, they are the Appraiser's best opinions of current market thinking on future income and expenses. The Appraiser makes no warranty or representation that these forecasts will materialize. The real estate market is constantly fluctuating and changing. It is not the Appraiser's task to predict or in any way warrant the conditions of a future real estate market; the Appraiser can only reflect what the investment community, as of the date of the Report, envisages for the future in terms of rental rates, expenses, and supply and demand. • Unless otherwise stated in the Report, the existence of potentially hazardous or toxic materials that may have been used in the construction or maintenance of the improvements or may be located at or about the Property was not considered in arriving at the opinion of value. These materials (such as formaldehyde foam insulation, asbestos insulation and other potentially hazardous materials) may adversely affect the value of 112 1