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<br /> ASSUMPTIONS AND LLMmPG CONDITIONS continued.
<br /> The valuation stated herein assumes professional management and operation of the
<br /> building(s) throughout the lifetime of the improvements, with an adequate
<br /> maintenance and repair program.
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<br /> li The valuation is based on the projection that the complex will maintain a stabilized
<br /> occupancy level over its economic life, with tenants paying market level rents.
<br /> The liability of Powell Valuation Inc and employees is limited to the client only and only
<br /> up to the amount of the fee actually received for the assignment. Further, there is no
<br /> accountability, obligation, or liability to any third party. If this report is placed in the
<br /> hands of anyone other than the client, the client shall make such party aware of all .
<br /> limiting conditions and assumptions of the assignment and related discussions. The
<br /> appraisers are in no way responsible for any costs incurred to discover or correct any
<br /> deficiency in the property. The appraisers assume that there are no hidden or
<br /> unapparent conditions of the property, subsoil, or structures that would render it more or
<br /> less valuable. In the case of limited partnerships or syndication offerings or stock
<br /> offerings in real estate, the client agrees that in case of lawsuit (brought by lender,
<br /> i partner, or part owner in any form of ownership, tenant, or any other party), any and all
<br /> awards, settlements, or cost, regardless of outcome; the client will hold Powell Valuation
<br /> Inc completely harmless.
<br /> The appraisers are not qualified to detect the presence of toxic or hazardous
<br /> substances or materials which may influence or be associated with the property or any
<br /> adjacent properties. We have made no investigation or analysis as to the presence of
<br /> such materials, and expressly disclaim any duty to note the presence of such materials.
<br /> Therefore, irrespective of any degree of fault, Powell Valuation Inc and its principals,
<br /> agents, and employees, shall not be liable for costs, expenses, damages, assessments,
<br /> or penalties, or diminution in value, property damage, or personal injury (including
<br /> death) resulting from or otherwise attributable to toxic or hazardous substances or
<br /> materials, including without limifation hazardous waste, asbestos material,
<br /> formaldehyde, or any smoke, vapors,,soot, fumes, acids, alkalis, toxic chemicals, liquids,
<br /> solids, or gasses, waste materials or other irritants, contaminants, or pollutants.
<br /> The appraisers assume no responsibility for determining if the subject property complies
<br /> with the Americans with Disabilities Act (ADA), which prescribes specific building
<br /> standards which may be applied differently to different buildings, depending on such
<br /> factors as building age, historical significance, amenability to improvement, and costs
<br /> of renovation. Powell Valuation Inc its principals, agents, and employees, shall not be
<br /> liable for any costs, expenses, assessments, penalties, or diminution in value resulting
<br /> from non - compliance. Except as otherwise noted herein, this appraisal assumes that
<br /> the subject complies with all ADA standards appropriate to the subject improvements; if
<br /> the subject is not in compliance, the eventual renovation costs and /or penalties would
<br /> I negatively impact the present value of the subject. If the necessary renovation costs,
<br /> time period needed for renovation, and penalties for non - compliance (if any) were
<br /> known today, appropriate deductions would be made to the value conclusion(s)
<br /> I reported herein.
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