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:5 01 de No. Vl-OQB9-0896: Pace #5' DEFINITION OF MARKET VALUE: The most probable ¡¡OCe which a prõperty soould brÏl1g in a competitive and open r..a-ket under aJ conditions requisite to a tajr sale, the buyer and seiter, each acting prudently, koowleO;¡eabr,- and assuming the prx:e is oot affected by undue s:!rnulus. fmpJicit i1 this def.nition is the consummation of a sale as of a specified çiate and tI1e passiog of title from seller to buyer under conditions whereby: (1) buyef and selJer are typically motivated; (2) both parties are weil ír:formed or ',lieU advised, and each acting ~ what he considers his own best ÎrTtefest; (3) a reasonable tirre is allowed for e;q¡osure in the open market; (4) payment is made in terms ct cash ~ U.S, ooiJafs or in terms ct fìnanciaJ arrangements comparable weto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative fìnanciog or sales coocessions- granted by anyone associated with tI1e sale. .. Adjustments to the comparables must be made for speci2! or creative fiI1anciog or sales coocessions. No adjustments are necessarf for those costs which are normally paid by sellers as a result ct tradifun or law in a market area; these costs are readir¡ idef'ltiiiabie ~ since the seller pays ~ costs'. in virtually al1 sales transæoons. SpeciaJ or creative fiæo:ing adjustments can be made to the comparable property by comparisons to fìnanciog terms offered by a ttûrd party institufunaf lenœr that is not aIreæ¡ i1voNed in the property or transaction. Any adjustment soould not be caículated on a mechar1k:al ooltar for oollar cost ct the financing or COOCessKIn but the oollar amount ct aIiý adjustment should appro:drnate the market's reaction to the tinao:iog or conœsmns based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTtNGENT AND LIMITING CONDITIONS: The appraiser's certiOCation that appears in the appraisal report is subject to the folXJwiog conditions: 1. The appraiser wi!! not be responsible for matlers ct a legal nature that affect eitf'er the property being appraised or the title to i The appraiser assumes that the title is çood and marketable and, therefore, will not rer.der arr¡ opiOOns about tI1e title. The property is appraised on tI1e basis Cïf i being' under responsible ownership. . 2. The appraiser has provided a sketch in the appraisal report to srow appro:dmate dimensions at the improvements and the sketch is i1cfuded onfy' to assist the reader of the report in visuaJiziog the property and understaOOlIlQ the appraiser's determination at its size, 3. The appraiser has e:Gfl1ined the available ftood maps that are provœd by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located i1 an ide!'ltiÆd Special Pœd Hazard Area. Because the appraiser is not a SUf'{eyor, he or she makes 110 guarantees, e:q¡ress or imprled, regarding this determination. . The appraiser will not give testimcrr¡ or appear in court because he or she made an appraisal of the property in question, unJess specif;e arrangements to 00 0 have bæn made beforehand. 5. The appraiser has estimated the value at the land in the cost approach at its highest and best use and the improvements at their COIitributory value. These separate valuations c;¡f the land and improvements must not be used in conjuoction with any other appraisal and are i1vaJid I they afe so used. ô. The appraiser has I1Oted in the appraisal report aIrf adverse condiOOns (such as, needed repairs, depreciaOOn, the preseoce at f:azaroous wastes, tori: substances, etc.) observed during the inspection at the subject property or that he or she became aware at dumç the normal ~ ftvONed in perlorming the appraisal. Unless otherwise stated i1 the applë!isal report. the ap¡!(aiser has 110 knowledge at æ¡ hidden or urnpparent cooñns at the property or adverse environmental conditions [lI1Cluding the preseoce at hazaroous wastes, tox):: substances, etc.) that would make the prOperti IT1Qfe or Jess valuable, and has assumed that there are no such conditions and makes 00 guarantees or warranties, e:q¡ress or implied, regarding the coodiOOn Cïf the property. The appræser will oot be responsible for aIiý such conditions that 00 e:ést or for a:r¡ engineering or tesOO;¡ that mght be required tD !iscover wheti1ef such C1Jndi!ions exist. Because the appraiser is not an expert i1 the fuld of er!Vror1lMntaJ hazards, the appraisal report must not be considered as an environmental assessment ct the property. 7. The appraiser obtained the intormafun, estimates, and opinions that were ~e.ssed in the appraisal report from sourœs that he Q( she C1J~ to be reliable ;n befieves them to be true and correct. The appraiser 00es not assume responsibiJity for the accura::y at such ims tI1ët were fumïsred by other parœs . 8. Toe appraiser will not disclose the contents at the appraisal report mept as ¡Kovided for in the Uniform Standards crt ProfessOOa/ Appraisal ~. 9. The appraiser has based his or her appraisal report and valuciXxi coockJsion for an appraisal that is subject to satisfëdDr¡ complefun, repairs, or alterations on the assumption that compleoon at the improvemef1ts wüI be ~ in a workmanJilœ manner. The appraiser must provide his or her prior WTiten cooser;t befure the leOO!r/c5elt specified i1 the appl<!isal report can cistri>trte the app¡;3Ïsêì report '\h=IudiN;¡ CtJ!1Clusions about the property value, the awaïser's i:!erûy and protess~na desÇ1aOOns, am refefeoces tD ?!Of professiJnaI ~ organiz;:öJns or the firm with wruch the appraiser 5 associated) to æyoo! othef ttm the booower; the ~ or is SOCœ>sofS <n:f zssigr1s; the ~ i1surer; coosu!t3nts; prafessiJnaf ap¡Kaisal orgaA'zafuns; ?!Of stare or ~ ~ 1'im:iai i1stiJJfun; or ?!Of œpaimert. <q;rcj, or mtrurnertaürf of the Urèd States or any st!te or the District of ~lumbia; œept thët the ~c!iert may distJiJute the property œscrØJn secfun crt the report rrlf to data C1Ji:cfuo or reporting será:e(s) will1out hz.ting to obtail the ~s prior WTitef1 C1Jt1Seft. The ~s WTiten cooseft ~ ~ must aiso be obtaíred beiore the appraisal can be COIlVeyed by <I1'fone 10 the pubi: t!Yough <Ótertisi7J. public reiæans, news, sales, or other meäa. Fred<f~ Ma: Form 439 &-93 Pcqe 1 Cïf 2 Fat'l1ie Mae Form 10048 &-93 Graham & Asscciatl:s, Ire. Ferm ACR - 'TOTAL 2C-cD for W!I1Ó:Jws' appraisal sctt-Hafe by a Ia mode, n:. -1-8C~ALAMOOE