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The liability of Davis Appraisal Company is limited to the client only and only up to the amount
<br /> of the fee actually received for the assignment. Further, there is no accountability, obligation, or
<br /> liability to any third party. If this report is placed in the hands of anyone other than the client,
<br /> the client shall make such party aware of all limiting conditions and assumptions of the
<br /> assignment and related discussions. The appraiser is in no way responsible for any costs incurred
<br /> to discover or correct any deficiency in the property.
<br /> In the case of limited partnerships or syndication offerings or stock offerings in real estate, the
<br /> client agrees that in case of lawsuit (brought by lender, partner, or part owner in any form of
<br /> ownership, tenant, or any other party), all awards, settlements, or cost, regardless of outcome, the
<br /> client will hold Davis Appraisal Company completely harmless.
<br /> The appraiser is not qualified to detect the presence of toxic or hazardous substances or materials,
<br /> which may influence or be associated with the property or any adjacent properties. The appraiser
<br /> has made no investigation or analysis as to the presence of such materials, and expressly disclaims
<br /> any duty to note the presence of such materials. Therefore, irrespective of any degree of fault,
<br /> Davis Appraisal Company shall not be liable for costs, expenses, damages, assessments, or
<br /> penalties, or diminution in value, property damage, or personal injury (including death) resulting
<br /> from or otherwise attributable to toxic or hazardous substances or materials, including without
<br /> limitation hazardous waste, asbestos material, formaldehyde, or any smoke, vapors, soot, fumes,
<br /> acids, alkalis, toxic chemicals, liquids, solids, gasses, waste materials or other irritants,
<br /> contaminants, or pollutants.
<br /> In the case of building improvements, the appraiser assumes no responsibility for determining if
<br /> the subject property complies with the Americans with Disabilities Act (ADA), which prescribes
<br /> specific building standards,which may be applied differently to different buildings, depending on
<br /> such factors as building age, historical significance, amenability to improvement, and cost of
<br /> renovation. Davis Appraisal Company shall not be liable for any costs, expenses, assessments,
<br /> penalties,or diminution in value resulting from non-compliance. Except as otherwise noted herein,
<br /> this appraisal assumes that the subject complies with all ADA standards appropriate to the subject
<br /> improvements. If the subject is not in compliance, the eventual renovation costs and/or penalties
<br /> would negatively impact the present value of the subject. If the necessary renovation costs, time
<br /> period needed for renovation, and penalties for non-compliance (if any) were known today,
<br /> appropriate deductions would be made to the value conclusions reported herein.
<br /> 3 DAVIS APPRAISAL COMPANY
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