N. K. Andersen & Associates 
Counselors & Appraisers in Real Estate

General Underlying Assumptions and Limiting Conditions

This appraisal report is subject to underlying assumptions and limiting conditions qualifying the information contained in the report as follows:

1.  This is an Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. As such, it might not include full discussion of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. 

Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report.


2.  The appraiser will not be required to give testimony or appear in court because of having made the appraisal with reference to the subject property in question unless arrangements have been previously made.


3.  No responsibility is assumed for legal or title considerations - existing or pending. Title to the property is assumed to be good and marketable unless otherwise stated in this report.


4.  The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report.


5.  Responsible ownership and competent property management are assumed unless otherwise stated in this report.


6.  Information and data contained within the report, although obtained from public record and other reliable sources and, where possible, carefully checked by myself, are accepted as satisfactory evidence upon which rests the final expression of property value.

7.  It is assumed that all information known to the client and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens, or other encumbrances affecting the use of the property.


8.  All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property.


9.  No environmental impact studies were either requested or made in conjunction with this appraisal report. The appraiser, thereby, reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research or investigation. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.  


10.  Unapparent Conditions:  The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable than otherwise comparable property. The appraiser is not an expert in determining the presence or absence of hazardous substance, defined as all hazardous or toxic materials, waste, pollutants or contaminants (including, but not limited to, asbestos, lead based paint, mold, fungus, radon, “Chinese drywall”, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property. 

The appraiser assumes no responsibility for any engineering studies or analysis which would be required to conclude or discover the presence or absence of such substances or for loss as a result of the presence of such substances or for unapparent physical conditions. The value estimate is based on the assumption that the subject property is not so affected.


11.  It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report.


12.  It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in this appraisal report.


13.  It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based.


14.  Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for the reader’s reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for the purpose of this report.


15.  The gross/rentable building area was obtained from my measurements or a reliable source such as public records or architectural drawings. If the building area is not correct, I reserve the right to alter the appraisal value and conclusions.


16.  It is assumed the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report.


17.  Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the American with Disabilities Act. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, and/or utility.


18.  An appraisal related to an estate in land that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest plus the value of all other fractional interests may or may not equal the value of the entire fee simple estate considered as a whole.


19.  Any proposed improvements are assumed to be completed in a good workmanlike manner in accordance with the submitted plans and specifications.


20.  The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. It may not be used for any purpose by any person other than the party to whom it is addressed without written consent of the appraiser, and in any event, only the proper written qualification and only in its entirety.


21.  Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without written consent of the appraiser, and in any event, only the proper written qualification and only in its entirety.


22.  Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written consent and approval of the appraiser.


23.  It is an assumption of this appraisal that the subject improvements have no major foundation or structural problems; settling cracks due to shrinkage/expansion are normal for the area and not considered to be an adverse condition unless otherwise noted, however an engineer should be retained to verify such conditions.


24.  Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Underlying Assumptions and General Limiting Conditions. The appraiser’s duties, pursuant to the employment to make the appraisal, are complete upon delivery and acceptance of the appraisal report. However, any corrections or errors should be called to the attention of the appraiser within 60 days of the delivery of the report.
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