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ASSUMPTIONS AND LIMITING CONDITIONS <br /> ORDINARY ASSUMPTIONS <br /> The analysis assumes the legal description accurately represents the subject property.A survey has <br /> not been provided to the appraiser. Valuation is reported without regard to questions of title, <br /> boundaries, encumbrances and encroachments. If further verification is required, a survey by a <br /> registered surveyor is advised. <br /> The exhibits in this report are included to assist the reader in visualizing the property. The <br /> appraiser has made no survey of the property and assumes no responsibility in connection with <br /> such matters. <br /> The title to the property appraised is good and marketable. <br /> The management of the property is assumed to be competent and the ownership in responsible <br /> hands. <br /> The property is free and clear of any mortgage, trust deed, lien or other encumbrances. <br /> The value reported assumes all taxes and assessments have been paid. <br /> The value is reported in dollars on the basis of the currency prevailing on the date of the appraisal. <br /> No responsibility for legal matters is assumed and no right to expert testimony is included. <br /> It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or <br /> structures which would render it more or less valuable. <br /> Information furnished by others is assumed to be true, correct, and reliable. A reasonable effort <br /> has been made to verify such information;however,the appraiser assumes no responsibility for its <br /> accuracy. <br /> The appraiser has no present or contemplated future interest in the property which is not <br /> specifically disclosed in this report; that neither the employment to make the appraisal nor the <br /> compensation is contingent upon the amount of the valuation reported; and that to the best of my <br /> knowledge and belief, all statements and opinions in this report are true and correct and no <br /> important relevant facts withheld. <br /> Neither all nor any part of the contents of this report shall be conveyed to the public through <br /> advertising, public relations, news, sales or other media without the written consent and approval <br /> of the author,particularly as to the valuation conclusions. <br /> This report must be used in its entirety. Reliance on any portion of the report independent of others <br /> may lead the reader to erroneous conclusions regarding the property values. No portion of the <br /> report stands alone without approval from the author. <br /> 2 DAVIS APPRAISAL COMPANY <br />