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File NO. 38956 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a opmpetitive and Open market under all conditions requisite to a fair sale, Me buyer and seller, each acting onsuffprodelly, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition Is the cyPons(;medon of a sale as of a specified data end the passing of ffile from seller to buyer under conditions where 1 buyer and seller are typically motivated; (2) both Parties are well Informed or well advised, and each acting In what he cOmils made dus his own best interest: (3) a reasonable lime is allowed for exposure in Me open market; (4) payment aynce represents the terms of financial arrangements comperapia Maroon; and (5) the pri of cash in U.S. dollars or m creative financing or sales concessions' granted normal consideaeon for Me property sold unaffected by apodal or c by anyone associated with Me sale. -Adjustments M the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for Moae costs which are normally paid by sellers as a result of tradition or law In a market ctal or these costs ars readily Identifiable since the seller pays these Posts invirtuallyoY c�omparlsons sales to firmayngs terms Offered creative financing adjustments can be made to the Po - moaable profor transaction. Any adjustment by a third party Institutional lander that is not already Involved In Me Property should mel be calculated on a mechanical dollar far dollar Post of the financing or concessions but Me duller amount of any adjustment should approximate Me markets reaction to the financing or concessions based on Me appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraisefa carnecatich Mat appears in the appraisal report is subject to the fdlowing conditions: 1 . The appraiser will not be responsible for matters Of a legal nature Mat affect alther the property being appraised or the Mie to it. The appraiser assumes that the title is good and marketable and, therefore. will not antler any opinions about the tltie. The property is appraised on Me basis of It being under responsible ownership, rs 2. The appraiser has provided a sketch In the appraisal report to show approximate dinnommi s Of the add Imantlingothe and the . sketch is included only to assist Me reader of no report in visualizing Me property appraisefa determination of Its size. 3. The appraiser bas examined the available flood maps Met are provided by Me Federal Emergency Management s) and has noted In Me appraisal report whether Me subject site is located in an Agency (or other data source r she rakes no guarantees., identified Spaelal Flood Hazard Area. Because the appraiser Is not a surveyor, he o express or Implied. regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an Appolhai Of the property in question, unless specific arrangements to do so have been made beforehandMe . he 5. The appraiser has estimated the Blue of Me The Serpens W1n s pr valuationof g the at Its highest and Past use and t eland and Improvements must not he impmvements at their contributory used in conjunction with any other appabel and are invalid ff they are so used. 6. The appraiser has noted In the 9PPral5al report any adverse conditions (such as, needed repairs, depredation, the presence of hazertlous wastes, toxic substances, eic.) Observed during no inspection of Me subject property or that he or she became aware of during the normal research involved In performing Me appaisel. Unless otherwise stated In the appmtsel raped, the appraiser has no knowledge or any hidden or unapparenl conditions of the property or adverse envlamnemal conditions (includleg the presence of hazardous wastes, toxic substances. etc.) that would make the PrOPIMY more or less valuable, and has assumed that Mere are no such conditions and makes no guarantees or warranties, express IN implied, regarding the condition of Me property. The appraiser will not be asponlble for any such conditions that do exist or for any engineering or testing that might be required M discover whether such conditions exist. Because the appraiser Is not an expert in the too of environmental hazards, Me appaisel report must not be considered as an environmental assessment of the property. J. The apprelser obtained the inforrnetkrr, estimates, and opinions Mal were expressed In the appraisal report from sources not he or she considers to be reliable and believes Mem M los line and Poorest The appalser does not assume responsibility for Me arx:aacy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of Me appraisal report except ad provided for in Me Uniform Standards of Professional Appraisal Practice. 9. The apealser has based his or her appaisel report end valuation condusion for an OPPoisal Mat Is subject to satisfactory completion, repairs. or sla anshe on the assumption Mel completon of the Improvements will be performed In a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified che in a PPMIS81 report can distitbule the apPrelsai report (including conclusions ahold the Properly value, Ideality and profaealonel designations, and references to any patesslonal appraisal organizations or the flim with which the appraiser is associated) to anyone ether than the borroweC the mortgagee or he succesaam and assigns: Me mortgage Insurer; consufter- W professional appaisel organizations: any state Or fedeally approved financial institution; or any department, agency. or Instrumentality of the United States or any state or MeUled ctt of Columbiaa colection or a repoexct rting the lenderldient may distribute the property deecdpction tion seof thOnly e report Ys written consent and sersde(s) without having M obtain the appraisers Prior written cement. The eppaise approval must alas be obtained before the appraised can be conveyed by anyone to the Pudic through advertising, public relations, news, ease. or other machl. Freddie Moo Form 439 6-B3 Page 1 of 2 Fannie Mae Form 1004B 693